Walish Company manufactures and sols ona product. The folowing information pertairs to each of the company's first two years of operations Variable costs per unit Manufacturing Direct materials Direct labor Variable manufacturing overhead s 24 s 11 s 4 S 3 Variable selling and administrative Fixed costs per year Fix ed manufacturing overhead ed selling and administrative expensos $ 80,000 5 320,000 During ts first year of operations, Walsh producod 50,000 unts and sold 40,000 units. Durina its second yoar of operations, it produced 40,000 unvts end Sold 50,000 units. The selling price of the company's product is $58 per unit Required: 1. Assume the company uses variable costing a Compulo the unit product cost for year 1 and yoar 2 Unit product cost b. Propare an income statenent for year 1 and year 2 Income Statement Year 2 Variable expensos Total variable expenses Fixed expenses Total xed expensos Net operaling income oss) Assume the company uses absorption costing a. Compute the unit product cost for year 1 and year2 (Round your answer to 2 decimal places.) Year 1 Year 2 Unit product cost b,. Prepare an income statement for yoar t and year 2. (Round your intermediate calculations to 2 decimal places.) Walsh Company Income Statement Year 1 Year 2 Net operating income (loss) and year 2. Loss and deduction amounts should be indicated with a minus sign.) Variable costing net operating income (loss) Absorption costing net operating income (loss)