A corporation produces and sells a single product. The following data refer to the year just completed: Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Compute the unit product cost under both the absorption costing and variable costing approai Complente tivis gunstion toy entwring your answers in the tabs bedowe. Prepare an income staternent for the year using absorption costing. Complete this quastion try onteriuy your uniownrs in 1 her talaw below. Prepare an iricome statement fi Hising variable costing. There may be an extia row under varlable and