Question 18 (5 points) Momentum Bikes manufactures a basic road bicycle. Production and sales data for the most recent year are as follows (no beginning inventory): Variable production costs $85 per bike Fixed production costs $530,000 Variable selling & administrative costs $17 per bike Fixed selling & administrative costs $480,000 Selling price $195 per bike Production 21,200 bikes Sales 19,000 bikes Instructions a) Prepare a brief income statement using absorption costing. b) Calculate the amount to be reported for inventory in the year end absorption-costing balance sheet