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Question No. 1 2.5+2.5+1=6 Italia Espresso Machina Inc. produces a single product. Data concerning the company's operations last year appear below: 2019 ($) 0 2,000 Units in beginning inventory Units produced during the year Units sold during the year Units in ending inventory 1,900 100 $125 Selling price per unit Variable per unit produced: Direct materials $42 Direct labor $21 $7 $40,000 Variable manufacturing overhead Fixed manufacturing overhead per year Selling and administrative expenses: Variable per unit sold $5 Fixed per year $20,000 Requirements: a) Assume the company uses absorption costing. i. Compute the unit product cost. ii. Prepare an income statement. Page 1 of 5 b) Assume the company uses variable costing. i. Compute the unit product cost. ii. Prepare an income statement. c) Reconcile the variable costing and absorption costing net operating incomes