North Atlantic Corporation produces a single product. The company had no beginning inventory and they produced 70,000 units in 2022 and sold 60,000 units. The operating data for 2022 follow: Sales $1,380,000 Manufacturing costs: Direct Materials $294,000 Direct Labor 182,000 Variable overhead 273,000 Fixed overhead 150,500 Selling & Administrative expenses: Fixed $140,000 Variable 258,000 Required: A). Calculate the value of the ending finished goods inventory under variable costing. (4 Marks) 8). Prepare an Income Statement using variable costing. (7 Marks) C). Prepare an Income Statement using absorption coating (6 Marks) D). Explain in detail why the net income differs under the two accounting methods. (3 Marks)