Check figure: Variable Product Cost = $18.25 per unit D Question 1 The following data is from the Hedgehog company that manufactures and sells a single product. These costs were incurred as of October 31, 2020: Variable Costs per unit: Direct Materials $ Direct Labor Variable Manufacturing Overhead Variable Selling & Administrative 555S 3.75 8.00 $ 6.50 $ 1.35 Fixed Costs: Fixed Manufacturing Overhead 118,750 Fixed Selling & Administrative 71,250 During the year the company produced 100,000 units and sold 95,000 units. The selling price per the Company's product is $35.00. Prepare an Income Statement using the Absorption Method. Check figure: Variable Product Cost $18.25 per unit Question 2 The following data is from the Hedgehog company that manufactures and sells a single product. These costs were incurred as of October 31, 2020: Variable Costs per unit: Direct Materials $ 3.75 Direct Labor $ 8.00 Variable Manufacturing Overhead $ 6.50 Variable Selling & Administrative $ 1.35 Fixed Costs: Fixed Manufacturing Overhead 118,750 Fixed Selling & Administrative 71,250 During the year the company produced 100,000 units and sold 95,000 units. The selling price per the Company's product is $35.00. Prepare an Income Statement using the Variable Method