Problems 1. During the first month of operations ended January 312023 Wardner Apparel produced 80,000 designer cowboy hats, of which 72,000 were sold. Operating data for the month are summarized as follows: During February of the same year Wardner Apparel produced 64,000 designer cowboy hats and sold 72,000 cowboy hats. Operating data for February are summarized as follows: Instructions on the next page. Problem 1 Instructions a. Using absorption costing, prepare income statements for (i) January and (ii) February. b. Using variable costing, prepare income statements for (i) January and (ii) February. c. Explain the reason for the differences in the amount of income from operations in (a) and (b) for January. d. Explain the reason for the differences in the amount of income from operations in (a) and (b) for February. e. Based on your answers to (a) and (b), did Wardner Apparel operate more profitably in January or in February? Explain