Variable costs per unit: Manufacturing Direct materials $18 Direct labor $7 Variable manufacturing overhead $2 Variable selling and administrative $2 Fixed costs per year: Fixed manufacturing overhead $200,000 Fixed selling and administrative expenses $ 110,000 During the year, the company produced 20,000 units and sold 16,000 units. The selling price of the company's product is $50 per unit Required: Assume that the company uses absorption costing a) Compute the unit product cost (3 marks) b) Prepare an income statement for the year (use the detailed format of income statement which shows the calculation of the cost of goods sold)