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Question 22 40 pts Please copy and paste the question on to your submission! XYZ manufactured 30,000 units of product in 20x1. Costs were as follows: Direct Materials - $120,000 Direct Labor - $240,000 Variable Overhead - $120,000 Fixed Overhead $360,000. Additionally the company had $300,000 of SGA of which 50% was fixed and 50% was variable. The company sold 25,000 units for $52 each. Ignore taxes. 1. Prepare an absorption costing (traditional) income statement and compute ending inventory for 20x1.(10 points) 2. Show a contribution margin (CVP) income statement and compute ending inventory for 20x1.(10 points) 3. Using the base information above, show a flex budget income statement (no inventory) for next year (20x2) in variable costing format based on units sold. Assume price will increase to $53 per unit. All other costs remain 3. Using the base information above, show a flex budget income statement (no inventory) for next year (20x2) in variable costing format based on units sold. Assume price will increase to $53 per unit. All other costs remain consistent with the prior year. Calculate for scenarios for 25,000 units, 30,000 units and 35,000 units sold. (10 points) 4. The company actually sold 27,000 units at $52.50 in 20x2. Variable production costs were $425,000. Variable SGA was $165,000. Fixed production was $350,000 and fixed SGA was $110,000. Prepare a flex budget report with variances (indicate favorable or unfavorable). (10 points)