Can someone please help me out. I've been working on a promblem for my Managerial Accounting class and I can't seem to come up with the answer. The question states that "Holloway Manufacturing Company makes a product that sells for $50 per unit. Maufacturing costs for the product amount to $23 per unit variable, and $160,000 fixed. During the current period, Holloway made 8,000 units of the product and sold 7,600 units. Selling and administrative expenses were $15,000 in total (which includes $1 per unit variable expenses).

Required:
A. Prepare an absorption costing income statement
b.Prepare a variable costing income statement
c. Explain why the amount of net income on the two statements is different. The answer should inculde the amount of the inventory balance that exist under the two costing approaches.
d. List two advantages to variable costing
E. List two advantages to absorption costing.

I have many other problem questions in case anyone wants to help me. I am truly struggling with this.