At the end of January, ABC firm had 3,400 units in ending inventory with a total cost of $19,0 units and sold 34,500. For the month, the firm prepared the following contribution format inco Sales Variable Manufacturing Costs Variable S & A Costs $307,050 131,100 | 17,250 158,700 Fixed Manufacting Fixed S&A 81,000 54,000 $23.700 INI 1. (15 marks) Prepare a traditional format income statement assuming absorption costing. 2. (14 marks) Prepare the reconciliation between variable costing net income and absorption 3. (6 marks) Suppose the firm wants to achieve a target NI of $50,000. How many units must it 8 At the end of January, ABC firm had 3,400 units in ending inventory with a total cost of $19,040. During the month of February, ABC Company produced 36,000 units and sold 34,500. For the month, the firm prepared the following contribution format income statement. 01:27:47 Sales Variable Manufacturing Costs Variable S&A Costs CM Fixed Manufacting Fixed S&A $307,050 131,100 17,250 158,700 81.000 54,000 $23,700 eBook INI 1. (15 marks) Prepare a traditional format income statement assuming absorption costing. 2. (14 marks) Prepare the reconciliation between variable costing net income and absorption costing net income. 3. (6 marks) Suppose the firm wants to achieve a target Nl of $50,000. How many units must it sell in order to achieve this goal (assume variable costing)