​Compare variable costing and absorption costing methods for LMN Corporation using the following data:

Cost Component	Amount ($)
Direct Materials	$50,000
Direct Labor	$30,000
Variable Overhead	$20,000
Fixed Overhead	$40,000

Requirements:

• Calculate the total product cost using variable and absorption costing methods.
• Present the analysis in a detailed table format.
• Discuss the differences between variable and absorption costing and their impact on financial reporting.