Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials 28 Direct labour 18 Variable manufacturing overhead 4 Variable selling and administrative 10 Fixed costs per year: Fixed manufacturing overhead 393,000 120,000 Fixed selling and administrative expense During the year, the company produced 32,750 units and sold 24,000 units. The selling price of the company's product is $84 per unit. Required: 1. Assume that the company uses absorption costing. a. Compute the unit product cost. Unit product cost b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Absorption Costing Income Statement Cost of goods sold: 2. Assume that the company uses variable costing. a. Compute the unit product cost. Unit product cost b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Variable Costing Income Statement Variable expenses: Variable cost of goods sold: Variable cost of goods sold Fixed expenses