Limonade produced 12,000 cases of powdered drink mix and sold 9,000 cases in April. The sales price was $20, variable costs were $7 per case ($5 manufacturing and $2 selling and administrative), and total fixed costs were $90,000 ($72,000 manufacturing ove and $18,000 selling and administrative). The company had no beginning Finished Goods Inventory. The company had the following results using variable costing: (Click the icon to view the data using variable costing.) Read the requirements Reference Requirement 1. Prepare the April income statement using absorption costing. Limonade Variable Costing $ 5.00 Income Statement (Absorption Costing) Month Ended April 30 Total product cost per unit Cost of Finished Goods Inventory as of April 30 $ 15,000 Net Sales Revenue - Variable Costs: Variable Cost of Goods Sold Requirements Variable Selling and Administrative Costs Contribution Margin Fixed Costs: Fixed Cost of Goods Sold 1. Prepare the April income statement using absorption costing. 2. Determine the product cost per unit and the total cost of the 3,000 cases in Finished Goods Inventory as of April 30. 3. Is the April 30 balance in Finished Goods Inventory higher or lower than variable costing? Explain why. Fixed Selling and Administrative Costs Operating Income