tynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 29,000 units and sold 22,000 units. The selling price of the company's product is $42 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses variable costing Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost: b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses absorption costing. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assume that the company uses absorption costing. unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses variable costing a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. nmmaro an inrome statement for the vear. Assume that the company uses variable costing Exercise 6-12 (Algo) Variable Costing Income Statement; Reconciliation [LO6-2, LO6-3] Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: The company's selling and administrative expenses consist of $307.500 per year in fixed expenses and $5 per unit sold in varlable expenses. The $22 unit product cost given above is computed as follows: Required: 1. Redo the company's income statement in the contribution format using variable costing 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement above. Required: 1. Redo the company's income statement in the contribution format using variable costing 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement above. Complete this question by entering your answers in the tabs below. Redo the company's income statement in the contribution format using variable costing. Required: 1. Redo the company's income statement in the contribution format using variable costing. 2. Reconcile any difference between the net operating income on your vatiable costing income statement and the net opera income on the absorption costing income statement above. Complete this question by entering your answers in the tabs below. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement above. (Enter any losses or deductions as a negative value.)