Exercise 1) During the current year, Sallehu Corp. produced 92,320 units of their specialty lights. The specialty lights sell for $187.75 each. Beginning inventory of the specialty lights was 3,780 and had a total cost value of $395,955. At the end of the year a physical inventory count revealed that 42.900 remained. The cost accountant at Sallehu Corp. determined the following variable costs for the production of the specialty lights for the current year (costs are per unit): Direct Materials Direct Labor Variable Overhead Variable Selling & Admin. $41.52 $20.01 $11.97 $13.72 The cost accountant also informed you that the company incurred total fixed overhead in the amount of $3,092.720 and total fixed selling and administrative costs of $1,444,444 during the year. Round to 2 decimal places when needed. Required: a) Prepare an Income Statement using absorption costing. b) Calculate the cost of ending inventory under absorption costing. c) Prepare an Income Statement using variable costing. d) Calculate the cost of ending inventory under variable costing. Chines