Question 2. Hakimi Inc. produces a single product. Data concerning the company's operations last year appear below: Units in beginning inventory 0 Units produced 2,000 Units sold 1,900 Selling price per unit $100 Variable costs per unit: Direct materials $30 Direct labor $10 Variable manufacturing overhead $5 Variable selling and administrative $2 Fixed costs in total: Fixed manufacturing overhead $40,000 Fixed selling and administrative $60,000 Required: i. Compute the unit product cost under both absorption and variable costing. ii. Prepare an income statement for the year using absorption costing. iii. Prepare an income statement for the year using variable costing. [Marks: 2+5+5=12]