Appreciate with detailed answers

The Skyler Company has the following budgeted revenues and costs based on the production and sales of 30,000 units per year: Amounts per unit Selling price $25.00 Manufacturing costs: Direct materials & direct labor $9200 Variable overhead $2.00 Fixed overhead $5.00 Total manufacturing costs $16.00 Selling and administrative: Variable selling $1.00 Fixed administrative $6.00 Total selling and administrative $7.00 The Company produced 31,250 units but sold only 29,000 units in the year ended February 28, 2019. The total actual fixed costs were consistent with the budgeted costs noted above. The variable costs per unit and price were consistent with the budget noted above. Beginning inventory of finished goods had 2,000 units with an absorption cost of $14 per unit ($8 50 direct materials & direct labor, $1.50 variable overhead and $4.00 fixed overhead). The Skyler Company uses the actual costing and the FIFO inventory method. Required: a. Prepare an income statement for the year ended February 28, 2019, assuming that Skyler uses the absorption costing method. (10 marks) b. Prepare an income statement for the year ended February 28, 2019, assuming that Skyler uses the variable costing method (9 marks) c. Reconcile the variable costing operating income to the absorption costing operating income. (6 marks)