Which of the following is correct concerning variable versus absorption costing?

Select answer from the options below

Absorption costing income statements report all fixed costs as period costs.

The difference between absorption costing net income and variable costing net income is equal to fixed manufacturing costs in ending inventory minus fixed manufacturing costs in beginning inventory.

The difference between absorption costing net income and variable costing net income is equal to fixed manufacturing costs in ending inventory minus variable manufacturing costs in ending inventory.

Variable costing income statements report all fixed costs as product costs.