The following data are given: Data Month 1 Month 2 Month O/Inventory units 0 0 200 Units produced 1000 1200 800 Units sold 1000 1000 1000 Sales revenue 10000 10000 10000 Material cost 2000 2400 1600 Variable conversion cost 2500 3000 2000 Fixed conversion cost 1500 1500 1500 Other operating expenses 3000 3000 3000 Required: 1.Prepare an income statement using throughput costing. Note that the material costs attaching to the goods sold are expensed and that unsold inventories would be valued at material cost only. That is, all conversion costs are written off as an expense in the month incurred. 2.Prepare an income statement using variable costing. 3.Prepare an income statement using actual absorption costing. 4.Explain the difference between profit obtained in 2 and 3. The following data are given: Data Month 1 Month 2 Month O/Inventory units 0 0 200 Units produced 1000 1200 800 Units sold 1000 1000 1000 Sales revenue 10000 10000 10000 Material cost 2000 2400 1600 Variable conversion cost 2500 3000 2000 Fixed conversion cost 1500 1500 1500 Other operating expenses 3000 3000 3000 Required: 1.Prepare an income statement using throughput costing. Note that the material costs attaching to the goods sold are expensed and that unsold inventories would be valued at material cost only. That is, all conversion costs are written off as an expense in the month incurred. 2.Prepare an income statement using variable costing. 3.Prepare an income statement using actual absorption costing. 4.Explain the difference between profit obtained in 2 and 3