Pharoah Golf Ltd. produces and sells special golf balls for $26.00 for a pack of three. In May 2022, the company manufactured 36,000 packs (its normal volume) and sold 33,600 packs. The beginning inventory on May 1, 2022, was 6,000 packs. Production information for May 2022 is as follows: Direct manufacturing labour per pack 15.00 minutes Fixed selling and administrative costs $48,000 Fixed manufacturing overhead $ 158,040 Direct materials costs per pack $4.00 Direct labour rate per hour $28.00 Variable manufacturing overhead per pack $5.00 Variable selling expenses per pack $4.00 Calculate the total cost per pack under both absorption and variable costing. (Round per unit calculations and final answers to 2 decimal places, e.g. 15.25.) Absorption Costing Variable Costing Total cost per pack $ $ e Textbook and Media Question Part Score --14 Prepare income statements in good form for the month ended May 31, 2022, under absorption and variable costing. (Enter loss using either a negative sign preceding the number e.g.-2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, e.g. 125.) PHAROAHGOLF LTD. Absorption-Costing Income Statement Sales in units $ $ Sales PHAROAHGOLF LTD. Variable-Costing Income Statement Cost of goods sold Selling and administrative costs Net income / (loss) Gross profit Contribution margin Manufacturing overhead Operating expenses Cost of goods available for sale Cost of goods manufactured $ PHAROAHGOLF LTD. Variable-Costing Income Statement Sales in units $ $ $ Sales Variable costs Variable cost of goods sold Variable selling costs Total variable costs Contribution margin Fixed costs Net income / (loss) Variable cost of goods manufactured Variable cost of goods available for sale Ru der absorption costing with the operating income calculated under variable co Jose of May. (Enter loss using either a negative sign preceding the number eg.-2.945 Reconcile the operating income calculated under absorption costing with the operating income calculated under variable costing. Assume that April's costs were the same as those of May. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) Variable-costing net income / (loss) $ FMOH deferred in ending inventory FMOH released from beginning inventory Absorption-costing net income