X Limited Corporation making one product only, the standard cost of which is as follow: 2016 2017 2018 Direct material 35,000 36000 48,000 Direct labor 30,000 33000 42,000 Variable manufacturing overhead 25,000 24000 54,000 Variable marketing costs 10.000 15000 14,000 Total variable costs 100,000 122000 158,000 - The fixed manufacturing overhead costs $300,000 - Fixed marketing costs $200,000 - The selling price $200 per unit sold - The number of units produced and sold were: 2016 2017 2018 Beginning inv. 1000 3000 Production 5000 3000 6000 Sales 4000 Ending inv. 1000 Required 1- Prepare income statements under variable, absorption and throughput costing for the year ended December 31, 2018. 2- Explain the difference of the results? X Limited Corporation making one product only, the standard cost of which is as follow: 2016 2017 2018 Direct material 35,000 36000 48,000 Direct labor 30,000 33000 42,000 Variable manufacturing overhead 25,000 24000 54,000 Variable marketing costs 10.000 15000 14,000 Total variable costs 100,000 122000 158,000 - The fixed manufacturing overhead costs $300,000 - Fixed marketing costs $200,000 - The selling price $200 per unit sold - The number of units produced and sold were: 2016 2017 2018 Beginning inv. 1000 3000 Production 5000 3000 6000 Sales 4000 Ending inv. 1000 Required 1- Prepare income statements under variable, absorption and throughput costing for the year ended December 31, 2018. 2- Explain the difference of the results