Problem #1 30.0 points possible (graded, results hidden) The manufacturing and selling data for Lost Online Inc. for the year 2019 is given below:- --- Selling price . $24 /kg -- Sales ........ ... 76700 kg -- Finished goods (beginning... 11950 --- Finished goods (ending....... 16710 Manufacturing costs: --- Variable..... -- Fixed............. $8/kg $320000/year Selling and administrative expenses: --- Variable......... $3/kg -- Fixed............. $300000 /year -- Prepare the followings: [use the table below to answer section (a), (b) and (C). Answer section (d) in the box following the table] NOTE: the CHECK button is the SUBMIT button in such tabular problems. (a) Income statement using absorption costing. (b) Income statement using variable costing. (c) Reconciliation of net operating income (d) Explain the differences in net operating income between the two methods. thelp (a) Absorption costing income statement Details $ text response text response text response text response text response text response text response text response text response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response text response text response text response (b) Variable costing income statement Details $ $ text response numeric response text response numeric response numeric response text response text response numeric response text response text response text response text response text response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response text response numeric response numeric response text response text response numeric response numeric response numeric response numeric response numeric response numeric response numeric response numeric response text response text response ) Reconciling the net income of the two methods Details $ text response numeric response numeric response text response . text response numeric response