Smart Technology Company had the following information during the previous year for one of its product lines: Sales Price per Unit $550 Units in Beginning Inventory Units Started During the Year 55,000 Units Sold 50,000 Variable Costs per Unit: Direct Materials $125 Direct Labor $200 Variable Overhead Costs $75 Fixed Costs: Fixed Overhead per Unit $50 General and Administrative $1,250,000 1. Calculate the ending inventory value and prepare an income statement using absorption costing. Calculate the ending inventory value and prepare an income statement using variable costing. 2