Johnson Corporation manufactures and sells a single product. The followingcosts

Johnson Corporation manufactures and sells a single product. The followingcosts were incurred during the companys first year of operations:!Variable costs per unit:Manufacturing:Direct materials $8Direct labor $7Variable manufacturing overhead $2Variable selling and administrative $5!Fixed costs per year:Fixed manufacturing overhead $350000Fixed selling and administrative $220000!During the year the company produced 25000 units and sold 20000 units. Theselling price of the companys product is $55 per unit.!Required:a) Compute the unit product cost assuming that the company uses:1) The absorption costing method.2) The variable costing method.3) The throughput costing method.b) Prepare an income statement using the variable costing method.