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Horace Company manufacturets a professional-grade vacuum cleaner and began opentions in 2020 . For 2020, Horace budgeted to produce and sevi 25,000 uner. The compary had no price, speoding. or efficiency variances and writes ly production-volume variance to cost of goods sold. Actual data for 2020 are given as folows: (Click the ioon to view the actual data for 20220.) Fiead the reauicements Requirement 1. Prepare a 2020 income thatement for Horice Company using variable costing. Data table and sell 25,00 the appropriat Requirements 1. Prepare a 2020 income statement for Horace Company using variable costing 2. Prepare a 2020 income statement for Horace Company using absorption costing. 3. Explain the differences in operating incomes obtained in requirements 1 and 2 . 4. Horace's management is considering implementing a bonus for the supervisors based on gross margin under absorption costing. What incentives will this bonus plan create for the supervisors? What modifications could Horace management make to improve such a plan? Explain briefly