Honor Corporation began operations at the start of the current year. Planned and actual production equaled 20,000 units, and sales totaled 17,500 units at $95 per unit. Cost data for the year were as follows: REQUIRED: A. Compute the company's total cost for the year. (2 marks) B. How much of the above cost that you calculated in part A would be held in inventory under (i) absorption costing and (ii) variable costing? (4 marks) C. How much of the company's total costs for the year would appear on the period's income statement under (i) absorption costing and (ii) variable costing? (2 marks) D. From a product costing perspective, explain the difference between absorption and variable costing. (3 marks) Honor Corporation began operations at the start of the current year. Planned and actual production equaled 20,000 units, and sales totaled 17,500 units at $95 per unit. Cost data for the year were as follows: REQUIRED: A. Compute the company's total cost for the year. (2 marks) B. How much of the above cost that you calculated in part A would be held in inventory under (i) absorption costing and (ii) variable costing? (4 marks) C. How much of the company's total costs for the year would appear on the period's income statement under (i) absorption costing and (ii) variable costing? (2 marks) D. From a product costing perspective, explain the difference between absorption and variable costing