Exercise 6-6 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, LO6-2] snch Company manufactures and sells a single product. The following costs were incurred during the company's first year of perations: During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is $50 per Anit. Required: Assume that the company uses absorption costing: Compute the unit product cost. Prepare an income statement for the year. 2. Assume that the company uses variable costing: Compute the unit product cost. . Prepare an income statement for the year