Exercise 17.31 Inventory data for a manufacturing firm for the month of January follows. One set of figures is based on variable costing and the other set is based on absorption costing. Balance Sheet Balance Sheet Inventory, January 1 Inventory, January 31 $18,580 8,240 $36,670 17,170 Which balance sheet is based on the absorption costing method? Balance sheet is based on the absorption costing method. LINK TO TEXT During January, was production equal to, greater than, or less than sales for the month? Production was sales for the month. LINK TO TEXT Calculate the dollar difference between variable costing income and absorption costing income for January. Difference between variable costing income and absorption costing income