The following data is available for ACME Incorporated for the year ending December 31, 2022: Units in beginning inventory 0 Units produced 30,000 Units sold ($40 price per unit) 25,000 Variable Costs Per Unit: Direct Material $5 Direct Labour $4 Variable Manufacturing Overhead $3 Variable Selling and Administrative $2 Total Fixed Costs: Fixed Manufacturing Overhead Costs $240,000 Fixed Selling and Administrative $275,000 The net operating income using absorption costing was $175,000 for the year. Required: 1 Prepare a contribution format income statement, in good form, using variable costing. (9 marks) 2 In your own words, explain why the net income was a different amount under absorption costing and variable costing. Prepare and label a reconciliation to support your answer. (4 marks)