Data for 2020: Variable manufacturing cost Fixed manufacturing cost Beginning inventory Budgeted level of production Actual Production Sales Variable selling costs Fixed selling and admin. costs $8.80 / unit $75,000 450 units; cost per unit was same as 2020. 20,000 units 20,800 units 20,200 units @ $31.50/unit $ 1.10 / unit sold $52,000 Create Absorption and Variable costing income statements. Be sure to include the following terms as appropriate: Cost of Goods Sold, Contribution Margin, Gross margin, Operating income. Hint: Be sure to account for the Production Volume Variance properly in the income statement. Absorption Costing income statement (8 points) Variable costing income statement (8 points) Revenue $636,300 Revenue $636,300 2. Do either A (2 points) or B (6 points). If you do both, only B will be graded. A. How much fixed cost is included in ending inventory using Absorption costing Variable costing B. Explain the difference in income between absorption and variable costing. Calculate the difference. Then use calculations to verify (justify or explain) the difference