PLEASE DO FAST

Lumberton Ltd. produced a new product this year and has the following information available: Opening inventory Units produced Units sold Selling price per unit Direct materials cost per unit Direct labour costs per unit Variable manufacturing overhead cost per unit Sales commission per unit Total fixed manufacturing overhead Total fixed marketing and administrative expenses 0 28,000 25,200 $80.00 $18.00 $9.00 $6.00 $7.00 $672,000 $208,000 Fixed manufacturing overhead is allocated to products based on the units produced. Create the following income statements and determine the value of ending inventory under each of the following costing methods: Part A: Absorption costing Part B: Variable costing Use your solution to answer the following questions. Part A: From your absorption costing income statement provide the following information: What is the gross profit for the year? A What is the operating income for the year? A/ What is the value of the ending inventory for the year? A Part B: From your variable costing income statement provide the following information: What is the contribution margin for the year? A/ What is the operating income for the year? What is the value of the ending inventory for the year