wesltley widgets, Inc produces and sells a unique type of widget. The company has just opened a new plant to manufacture the widgets and the following cost and revenue data have been provided for the first month of the plant's operation .Beginning inventory, 0 units Units produced 40,000 units units sold 35,000 selling per unit $60 per unit selling and administrative expenses: variables per unit $2 per unit fixed(total) $500,000 Manufacturing cost: Direct materials cost per unit $14 per unit Direct labor cost per unit $7 per unit Variable manufacturing overhead cost per unit $2 per unit fixed manufacturing overhead cost (total) $600,000.

Assume the the company uses absorption costing

A) determine the product cost.

Direct materials per unit=

Direct labor per unit=

Variable manufacturing overhead per unit=

fixed manufacturing overhead per unit=

total product cost per unit=

B) prepare an income statement for the month

Sales (35,000 units)=

less cost of goods sold=

gross profit margin=

less: Variable selling and administrative=

less: fixed selling and administrative =

net income=

Assume that company uses the contribution approach with variable costing.

Determine the product cost.

a) total product cost

B) prepare an income statement for the month.