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The Dorset Corporation produces and sells a single product. The following dota refor to the year just completnd: Assume that circet labor is a variable cost. Required: Compute the unit product cost under both the absorption costing and variable costing approaches. Prepare an income statement for the year using absorption costing. Prepare an income statement for the year using variable costing. Reconclle the absorption costing and variable costing net operating income figures in (b) and (c) above