Paint More LLC has organized a new division to manufacture and sell specialty paint. The divisions monthly costs are shown below: Manufacturing costs: Variable costs per unit: Direct materials $12 Variable manufacturing overhead $1 Fixed manufacturing overhead costs (total) $100,000 Selling and administrative costs: Variable 7% of sales Fixed (total) $31,000 Because the production is highly automated, the company includes its labor costs in its fixed manufacturing overhead. The gallons of paint sell for $68 each. During September, the first month of operations, the following activity was recorded: Units produced 5,000Units sold 4,000 Submit an Excel document which each tab labeled by item number in good form that demonstrates the following:1.Compute the unit product cost under:1.Absorption costing2.Variable costing2.Prepare an absorption costing income statement for September3.Prepare a contribution format income statement for September using variable costing
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