During its first year of operations, Snobegon, Inc. (located in Lake Snobegon, Minnesota), produced 40,700 plartic snow scoops. Snow scoops are oversized shovel-type scoops that are used to push snow away, Unit sales were 38,800 scoops. Fixed overhead was applied at $0.70 per unit produced. Fixed overhead was underapplied by $2,500. This fored overhead variance was closed to Cost of Goods Sold, There wos no varlable overhead variance. The results of the year's operations are as follows (on an absorption-costing basis): 1. Caiculate the cost of the firm's ending inventory under absorption costing. Round unit cost to flve decimal places. Round your final answer to the nearest dollar. Fredtek: Determine the number of units in ending inventory first, Calculate unit cost after determining unadjusted cocs (before adjustment for underapplied foxed overhead). What is the cost of the ending inventory under variable costing? Round unit cost to five decimal places. Round your final answer to the nearest dollar. x 2. Prepare a variable-costing income statement. Round the unit cost to five decimal places, when required. Round your final answers to the nearest dollar. Use the rounded values in subsequent computations. Futchack F Cleci Mr Wor We a contribution margin format income statement that groups costs according to behavior (variable and nxed) What is the difference between the two income figures