2. Gambit Inc. produces a single product. Data concerning the company's operations last year appear below: Units in beginning inventory Units produced Units sold 100 1,900 1,900 Selling price per unit $100 Variable costs per unit: Direct materials $30 Direct labor $10 Variable manufacturing overhead $5 Variable selling and administrative $2 Fixed costs in total: Fixed manufacturing overhead $38,000 $50,000 [2+6+6=14] Required: Fixed selling and administrative i. Compute the unit product cost under both absorption and variable costing. ii. Prepare an income statement for the year using absorption costing. iii. Prepare an income statement for the year using variable costing