Boats Corp. manufactures the boats. Production and sales data for the most recent year are as follows (no beginning inventory): Variable production costs $85 per boats Fixed production costs $530,000 Variable selling & administrative costs $17 per boats Fixed selling & administrative costs $480,000 Selling price $195 per boats Production 21,200 boats Sales 19,000 boats Required: a) Prepare an income statement using absorption costing b) Calculate the amount to be reported for inventory in the year end absorption costing balance sheet