Part 2, assume actual sales are 250,000 units and target ending inventory is 10,000 units. PART 2 - Build an income statement Jery wants to project year-end results to see if the company will meet the budget. He runs the following data: Sales estimate: Average for all products Quantity Price Variable Selling costs Fixed selling costs 200,000.00 Production costs Direct materials Direct labor Variable overhead Fixed overhead Gieneral and admin 13,250,000,00 Reginning inventory (Sep 30) Projected ending inveotory (Dee 31) The Company projected to produce 250,000.00 units for the quarter. This is the denominator used to allocate fixed overhead. 1. Create two year-end projected income statements for Jerry: a) Absorption costing. b) Variable costing c) reconciliation between the two i) The reconciliation should include the difference between the two income amounts. Reconcile this difference to the inventory difference as described in the chapter and lecture. In other words, prove that your difference is correct. ii) Create a conditional "If" statement to check that your difference, reconciled in i) above is correct. If your difference is correct, the conditional statement should say "CORRLCT". If your differenee is incorrect, the cell should say "ERROR". This workshcet should be LINKED (cell referenced) to this instructions workshect. Label your worksheet "Projected income statements" PART 2 - Build an income statement Jery wants to project year-end results to see if the company will meet the budget. He runs the following data: Sales estimate: Average for all products Quantity Price Variable Selling costs Fixed selling costs 200,000.00 Production costs Direct materials Direct labor Variable overhead Fixed overhead Gieneral and admin 13,250,000,00 Reginning inventory (Sep 30) Projected ending inveotory (Dee 31) The Company projected to produce 250,000.00 units for the quarter. This is the denominator used to allocate fixed overhead. 1. Create two year-end projected income statements for Jerry: a) Absorption costing. b) Variable costing c) reconciliation between the two i) The reconciliation should include the difference between the two income amounts. Reconcile this difference to the inventory difference as described in the chapter and lecture. In other words, prove that your difference is correct. ii) Create a conditional "If" statement to check that your difference, reconciled in i) above is correct. If your difference is correct, the conditional statement should say "CORRLCT". If your differenee is incorrect, the cell should say "ERROR". This workshcet should be LINKED (cell referenced) to this instructions workshect. Label your worksheet "Projected income statements