Given the following information: Beginning Inventory (Units) Sales (Units) Manufactured (Units) Selling Price (S/unit) Variable Manufacturing Cost ($/unit) Total Fixed Manufacturing Costs ($) Variable Selling Cost ($/unit) Total Fixed SG&A Costs (S) Prior Year (Budget) 0 600,000 600,000 10.00 4.70 1,560,000 1.00 350,000 Prior Year (Budget) 0 580,000 590,000 9.90 4.80 1,561,000 1.00 351,000 Current Year (Budget) ? 575,000 640,000 9.95 5.10 1,600,000 0.99 360,000 Current Year (Actual) ? 570,000 610,000 10.00 5.00 1,599,531 1.00 358,000 The manufacturer uses FIFO. Required: Prepare an income statement for the Current Year based on Variable Costing. Prepare an income statement for the Current Year based on Absorption Costing. Reconcile the difference in Net Income between Variable Costing and Absorption Costing for the current year. Calculate the value of ending inventory for the current year using Absorption Costing and Variable Costing. Reconcile the difference in ending inventory values between Absorption costing and Variable costing