Vanato. Ion Corting During its first year of operations, Snobegon, Inc. (located in take Snobengon, Minnesota), produced 40,500 plastic snow.coop. So scoop te oversized shovel-type scoops that are used to push now away, Unit sabe were 38,700 oop. The overhead was apped at 80.70 per unit produced Fixed ovestead was underapplied by $2,900. This fixed overhead variance was dered to cost of Goods Sold. There was no variable overhead vartance. The results of the years operations are as follows (on an absorption conting basis) Sales (38.200 units $20) $764,000 Le Cost of poods sold 549,460 Gross margin $214,510 Less: Selling and administrative expenses Coll foxed) 184,500 Operating income $ 30,040 Required: 1. Calculate the cost of the firm's ending inventory under atorption conting. Round unit cout to five decimal places. Round your final answer to the nearest dollar What is the cost of the ending inventory under variable costing Round unit cost to five decimal places. Round your answer to the nearest dollar 2. Prepare a variable conting income statement. Round the unit cost to five decimal places, when required. Round your final answers to the nearest dollar, Use the rounded values in subsequent computations. Snobegon, Inc. Variable-Casting Income Statement For the First Year of Operations Contribution margin Less: DI II Operating income What is the difference between the two income figures