Given the following information: Beginning Inventory (Units) Sales (Units) Manufactured (Units) Selling Price ($/unit) Variable Manufacturing Cost ($/unit) Total Fixed Manufacturing Costs ($) Variable Selling Cost ($/unit) Total Fixed SG&A Costs ($) Prior Year (Budget) 0 600,000 600,000 9.99 4.92 1,584,000 1.00 350,000 Prior Year (Actual) 0 580,000 590,000 9.90 4.92 1,561,000 1.01 353,000 Current Year (Budget) ? 575,000 640,000 9.95 4.95 1,619,200 0.99 352,850 Current Year (Actual) ? 570,000 610,000 10.00 4.95 1,599,531 1.00 348,000 Other information: The manufacturer uses FIFO The manufacturer uses Standard Costing Required: A. Prepare an income statement for the Current Year based on Variable Costing. B. Prepare an income statement for the Current Year based on Absorption Costing. C. Prepare a T-account that for Fixed Manufacturing Overhead based on Absorption costing that shows: actual costs, applied costs, rate variance and production volume variance (hint: this account should be at zero at year-end) D. Reconcile the difference in Net Income between Variable Costing and Absorption Costing for the current year. (hint: compare this difference in income to the differences in ending inventory for Absorption Costing and Variable Costing)