Your book identifies and discusses several advantages of using a standard cost system. For 4 points, identify 2 of the advantages a company might realize from using a standard cost system. A 1 MaMaP Company, which has only one product, has provided the following data concerning its most recent month of operations: 23 27 27 Selling price $122 Units in beginning inventory 0 Units produced 10,500 Units sold 10,200 Units in ending inventory 300 Variable costs per unit: Direct materials $24 Direct labor $48 Variable manufacturing overhead $7 Variable selling and administrative. $5 Fixed costs: 30 Fixed manufacturing overhead $194,250 administrative $94.350 Direct labor $48 Variable manufacturing overhead $7 Variable selling and administrative. $5 Fixed costs: Fixed manufacturing overhead $ 194,250 Fixed selling and administrative $94,350 Required (SHOW YOUR WORK!): (a.) What is the unit product cost for the month under variable costing? (b.) What is the unit product cost for the month under absorption costing? (c.) Assume that Net Income under the absorption costing approach = $5,100, what would you expect Net Income (or Net loss) to be under the variable costing approach. DO NOT create an income statement, use the shortcut approach to solving this that we learned in class. (You will NOT get the correct answer by preparing an Income Statement based upon the assumed Net Income figure that I gave you.) SHOW how you calculated this amount or no points will be given