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The Dean Company produces and sells a single product. The following data refer to the year just completed:
Units in beginning Inventory
Variable costs per unit:
Variable manufacturing overhead
Variable selling and admin
Fixed manufacturing overhead
Fixed selling and admin
Assume that direct labor is a variable cost.
a. Compute the cost of a single unit of product 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.