S20CostHMKCO9 - Protected View - Saved Search Design Layout References Mailings Review View Help from the Internet can contain viruses. Unless you need to edit it's safe to stay in Protected View Erable Editing ACC 3300 - Spring 2020 - Chapter 9 Funwork Always show your work when doing homework! Box or Circle final amwers. Exercise 1) During the year, BrightLight Inc, produced 60.000 units of their specialty lights. The specialty lights sell for $99 cach. Beginning inventory of the specialty lights was zero. At the end of the year a physical inventory count revealed that only 8.400 remained. The cost accountant at Bright Light Inc. determined the following variable costs for the production of the specialty lights (costs are permit Direct Materials Direct Labor Variable Overhead Variable Selling & Admin $22.50 $13.50 $ 4.50 59.00 The cost accountant also informed you that the company incurred total fixed overhead in the amount of 5747.000 and total fixed selling and administrative costs of $219,000 during the year. Required a) Prepare an Income Statement using absorption costing. b) Calculate the cost of ending inventory under absorption costing. c) Prepare an Income Statement using variable costing, d) Calculate the cost of ending inventory under variable costing