From your absorption costing income statement provide the following information: What is the gross profit for the month? it! What is the operating income for the month? \"Ev What is the value of the ending inventorv for the month? r Part B: From your variable costing income statement provide the following information: What is the contribution margin for the month? iv What is the operating income for the month? '32! What is the value of the ending inventory for the month? \"it; Didi Inc. has just created a new division to manufacturer a new product. The facility is highly automated and therefore has high monthly costs, as shown in the following schedule of budgeted monthly costs. This schedule was prepared based on budgeted monthly product volumes. The company uses a normal costing system. Fixed manufacturing overhead is allocated to products based on the budgeted production volume. Manufacturing costs Variable cost per unit Direct materials Direct labour 60 Variable overhead 40 Total fixed overhead $7 700,000 Selling and administrative costs Variable cost per unit % of sales 15% Fixed 600,000 Budgeted Production (in units) 2,000 During August the following actual data was recorded: Units produced 10,000 Units sold 10,000 Selling price per unit 250 Total fixed manufacturing overhead 750,000 Total fixed selling and administrative costs 600,000 Create the following income statements and determine the value of ending inventory under each of the following costing methods: Part A: Absorption costing Part B: Variable costing Use your solution to answer the following questions