IP 18-30. Absorption and Variable Costing Comparisons: Production Equals Sales Assume that Smuckers manufactures and sells 30,000 cases of peanut butter each quarter. The follow- ing data are available for the third quarter of 2017. Total fixed manufacturing overhead. $90,000 Fixed selling and administrative expenses. 20,000 Sales price per case....... Direct materials per case.... Direct labor per case ..... Variable manufacturing overhead per case .. Required a. Compute the cost per case under both absorption costing and variable costing. b. Compute net income under both absorption costing and variable costing. c. Reconcile any differences in income. Explain