Daniel's Trains sells train kits for children with a selling price of $25 per kit. You are given the following information about the manufacturing costs for each Vit Direct materials per $5 kit Direct labor $3 per kit Variable overhead per $2 kit Variable selling costs $2 per kit Fixed selling $50,000 costs (in total) Fixed overhead $75,000 costs (in total) 50,000 kits were produced this year, and 40,000 kits were sold. Part 1: Using the information above, prepare a direct or contribution margin income statement. (round to the nearest whole dollar, with no decimal places) Sales Less: Variable costs inn Margin 56000 Wits were produced is yeu, www Parti Uing, tive Wormation above, prepare a director common maryn income statement Vround to the whole with no decimal Isales Less Variable costs Contribution Margin Lew Fixed selling Fixed overhead Operating income Part 2: Using the information above, prepare an absorption for GAAP) Income statement (round the the nearest whole dollar, with no decimal places Sales Less: Cost of Goods Sold Gross Profit Less: Variable Selling Fixed Selling Stop sharing Proctor is thing your Operating income Part 3: Using the information above, reconcile the differences you found between the contribution margin and the absorption income. Explain and prove it mathematically (meaning, show me the calculation as to WHY there is a difference in operating income reported)