list Question 1 Monette Company uses standard costing. Tim LaChut, the new president of Monette Company, is presented with the following data for 2021. (Click the icon to view the data.) Required Required 1. At what percentage of denominator level was the plant operating during 20217 2. How much feed manufacturing overhead was included in the 2020 and the 2021 ending inventory under absorption costing? 3. Reconcile and explain the difference in 2021 operating incomes under variable and absorption costing 4. Tim LaChut is concemed. He notes that despite an increase in sales over 2020, 2021 operating income has actually declined under absorption costing Explain how this occurred. Print Done Data Monette Company Income Statements for the Year Ended December 31, 2021 Variable Absorption Costing Costing $ 9,100,000 $ 9.100.000 Revenues Cost of goods sold (at standard costs) Fixed manufacturing overhead (budgeted) 4,055,000 1,400,000 5,800,000 Fixed manufacturing overhead variances (all unfavourable) Spending 75.000 75,000 Production volume Total marketing and administrative costs (all fixed) 1,575,000 350,000 1,575,000 Total costs 7,705,000 7.890.000 $ 1,395,000 $ 1,210,000 Operating income Inventories (at standard costs) December 31, 2020 December 31, 2021 $ 1.370,000 $ 1,740,000 40,000 225,000 Print Done