The following data were taken from XYZ Company for the years ending December 31, 2017 and 2018: In units 2017 2018 Inventory, Jan 1 7,000 Production 20,000 18,000 Available for sale 20,000 25,000 Units sold 13,000 23,000 Inventory Dec 31 7,000 2,000 Sales (20 per unit) 260,000 460,000 Variable mfg cost (7.50/unit) 150,000 135,000 Fixed mfg cost 50,000 54,000 Selling and admin expense 45,000 75,000 Selling and admin expense are 60% fixed and 40% variable. Required: Prepare a comparative income statements for 2017 and 2018 using a Variable costing b Absorption costing C Reconcile the net income difference