$1.$ During the most recent year, Pilkey Ltd had the following date associated with the product

it makes:

Units in beginning inventory $-$

Units produced $10,000$ units

Units sold $($$$300$ per unit$)8,000$ units

Variable costs per unit:

Direct materials $$50$

Direct labour $$100$

Variable overhead $$50$

Fixed costs:

Fixed manufacturing overhead per unit produced $$25$

Fixed selling and administrative $$100,000$

Required:

$1.$ Calculate the unit product cost using both absorption and variable costing.

$2.$ Prepare an income statement using absorption costing.

$3.$ Prepare an income statement using variable costing.