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TB Problem Qu. 7-274 The Dorset Corporation produces and sells The Dorset Corporation produces and sells a single product The following data refer to the yearjust completed: eginning inventory 0 Units produced 30,700 Units sold 27,800 Selling price per unit ' $ 408 Selling and administrative expenses: Variable per unit $ 18 Fixed per year . $500,400 Manufacturing costs: .' Direct materials cost per unit $ 240 Direct labor cost per unit $ 55 Variable manufacturing overhead cost per unit $ 35 Fixed manufacturing overhead per year $429,800 k M I . Assume that direct labor is a variable cost. Required: 3. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) above