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In: Accounting*please type out the answer.The Hampton Company produces and sells a single product. Thefollowing...*please type out the answer.The Hampton Company produces and sells a single product. Thefollowing data refer to the year just completed.Selling price$450Units in beginning inventory0Units produced25,000Units sold22,000Variable costs per unit:Direct materials$150Direct labor$75Variable manufacturing overhead$25Variable selling and admin$15Fixed costs:Fixed manufacturing overhead$275,000Fixed selling and admin$200,000Required:Compute the cost of a single unit of product under both theabsorption costing and variable costing approaches.Prepare an income statement for the year using absorptioncosting.Prepare an income statement for the year using variablecosting.