This is for managerial accounting

Part IV -24 Marks *1/ Company manufactures and sells a single product. The following costs were incurred during the company's first year of operation Variable Costs per unit: Manufacturing: 25 Direct materials 12 Direct Labour Variable Manufacturing overhead ............... Variable Selling and Administrative .......... Fixed costs per year: Fixed manufacturing overhead ................; 200,000 Fixed selling and administrative expenses 110.000 During the year, the company produced 25.000 units and sold 21,000 units. The selling price of the company's product is Reqi $65 per unit. Required: 1. Assume that the company uses absorption costing. a. Compute the unit product cost. (5 marks) b. Prepare an Income Statement for the year. (7 marks) 2. Assume that the company uses variable costing. a. Compute the unit product cost. (5 marks) b. Prepare an Income Statement for the year. (7 marks)