B-23.02 OxiClear manufactures a tile and grout cleaner. The company was formed during the current year. As a result, there was no beginning inventory. Management is evaluating performance and inventory management issues, and desires to know both net income and ending Inventory under generally accepted accounting principles (absorption costing) as well as variable costing methods. Relevant facts are as follows: Selling price per gallon S 4.40 Variable manufacturing cost per gallon 0.80 Variable SG&A costs per gallon 0.90 Fixed manufacturing costs S 1,450,000 Fixed SG&A 235,000 Total gallons produced 650,000 Total gallons sold 620,000 Absorption Costing Variable manufacturing costs Fixed manufacturing costs Cost of goods manufactured Cost of goods sold Ending inventory Sales Cost of goods sold Gross profit Selling, general, & administrative costs Variable Fixed Net income Variable Costing Ending inventory Sales Variable manufacturing costs Variable manufacturing margin Variable SG&A Contribution margin Fixed expenses Manufacturing SG&A Net income