Assignment Variable costing Selected data for Babar Lad of past year of operations are presented below Product X Production in units 25000 Sales in units 18000 Selling price $4.00 DL Hours NOO Manufacturing cost Raw Materials 151 17000 Salaries of direct labour 24000 Variable overhead 14000 Fixed overhead N000 Non manufacturing cost Variable selling 18000 Fixed selling cost 15000 Estimated fixed cost-$28000 Budgeted Machine hours = 8400 Company uses absorption cost based on machine hours REQUIRED 1. Calculate product cost of product X using variable cost 2. Calculate product cost of product X using absorption cost 3. Calculate variable cost of goods for the year 4. Find the variable-casting net income 5. Calculate cost of goods for the year using absorption method 6. Find the net income using absception method