Comprehensive Example Selected data for Babar Ltd of past year of operations are presented below Product X Production in units 25000 Sales [ in units 18000 Selling price $4.00 DLHours 8000 Manufacturing cost Raw Materials [$] 17000 Salaries of direct labour[$] 24000 Variable overhead 14000 Fixed overhead 8000 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-costing net income 5. Calculate cost of goods for the year using absorption method 6. Find the net income using absorption method