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Creative Tiles makes tiles inbatches of 1,000 tiles each, th

    Creative Tiles makes tiles inbatches of 1,000 tiles each, the standard “unit” in the industry. Each batch consumes$70 in materials and $140 in labor costs. Manufacturing overhead, in total,amounts to $1,500,000 per year and is allocated equally among the batchesproduced during the year. Creative had no inventories at the beginning of themost recent year. During the most recent year, Creative made 15,000 batches.The firm sold 13,500 batches for an average price of $450 each. Creativeincurred variable marketing costs of $50 per batch and fixed marketing costs of$625,000 for the year.1. (4points) Prepare a contribution margin statement for Creative Tiles for the mostrecent year. In addition, compute the value of the Creative Tiles’ endinginventory under variable costing.2. (4points) Prepare a gross margin statement for Creative Tiles for the most recentyear. Also compute the value of the Creative Tiles’ ending inventory underabsorption costing.(4 points) Reconcile the income reported under variable costing andabsorption costing. Briefly explain the reason for the difference

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