URGENT

A corporation produces and sells a single productThe following data refer to the year just completed 34,889 25,989 432 Beginning inventory Units produced Units sold selling price per unit selling and administrative expenses: Variable per unit Fixed per year Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead per year 16 248 34 $ 578,888 Assume that direct labor is a variable cost Required: 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 Prepare an income statement for the year using variable costing Complete this question by entering your answers in the tabs below .

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