Please answer to all parts of this prompt and amke sure to show the work you used to get your to get your answer. Please make sure to use all the provide information to derive the answer to all $3$ parts of problem $22$

Problem:

Colorfora produces a single product. Its income statement under absorption costing is a follows

for $2021.$

Sales $($$$46$ per unit$)$ $$920,000$

COGS $($$$31$ per unit$)620,000$

Gross profit $300,000$

Selling and administrative expenses $290,000$

Net income $$10,000$

Additional sales and production data:

Units produced $30,000$

Units sold $20,000$

The $$31$ cost per unit product consists of the following:

Direct materials $$5$ per unit

Direct labor $9$ per unit

Variable overhead $7$ per unit

Fixed overhead $$300,000$ in total

Selling and administrative expenses consist of the following

Variable selling & admin $50,000$

Fixed selling & admin $240,000$

Total $290,000$

Required:

$1.)$ Prepare the $2021$ income statement for the company using absorption costing.

$2.)$ Prepare the $2021$ income statement for the company using variable costing.

$3.)$ Prepare a reconciliation of the net income you calculated in steps $2$&$3.$