Regal Industries has one product. Information about the production and sales of that product for the past year tollow. Click the icon to view the data.) The company had no beginning inventory. Read the requirements Requirement 1. Prepare bwo income statements for the year, one using absorption costing and one using variable costing Begin by preparing the income statement for the year using absorption costing. 1. Prepare two income statements for the year, one using absorption costing and one using variable costing, Use those statements to answer the following questions: a. What is the product cost per unit using absorption costing? b. What is the product cost per unit using variable costing? c. What is the ending inventory balance using absorption costing? d. What is the ending inventory balance using variable costing? e. What is cost of goods sold using absorption costing? f. What is cost of goods sold using variable costing? g. What is operating income using absorption costing? h. What is operating income using variable costing? What Is the underlying reason for the difterence In operating income between the two costing methods? Data Table Regal Industries Income Statement (Absorption Costing) For the Year Ended Selling price per unit Direct material per unit Direct labor per unit Tolal annual manufacturing overhead S 51.00 $19.00 8.00 S 200,000 Fixed portion of annual manufacturing ovemead . .. 100,000 6.00 S 48,000 20,000 16,000 2. Less: Less: Print Done Varlable operating expenses per unit sold operating expenses per year in total Choose from any list or enter any number in the input fields and then click Units manufactured Units sold