Prepare an income statement for Pickens Incorporated under the absorption costing concept and variable costing concept, using the data presented below. Pickens Incorporated began operations this year. The company manufactured 22,000 units of its product and sold 20,000 units. Each unit sold for $100. The related costs and expenses for Pickens Incorporated are as follows: Total Cost Number of Units Unit Cost Manufacturing Costs: Variable $1,100,000 22,000 $50 Fixed 330,000 22,000 15 Total 1,430,000 $65 Selling & Admin. Exp. Variable $ 40,000 22,000 $2 Fixed 250,000 Total $290,000 What is the reason for the difference in the amount of operating income reported using the absorption costing concept and the variable costing concept? Provide a detailed response