b. Prepare an income statement for the year. (Do not leave any empty spaces; Input a 0 wherever It is required Absorption Costing Income Statement Cost of goods sold: 2. Assume that the company uses variable costing. a. Compute the unit product cost. Unit product cost Prepare an income statement for the year. (Do not leave any empty spaces; Input a O wherever it is required.) Variable Costing Income Statement Variable expenses Variable cost of goods sold: Variable cost of goods sold Fored expenses Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: 30 lo Variable costs per unit: Manufacturing Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative expense 305, 100 199,500 During the year, the company produced 33,900 units and sold 28,500 units. The selling price of the company's product is $72 per unit. Required: 1. Assume that the company uses absorption costing. a. Compute the unit product cost. Unit product cost $ 53