Abigail Corporation produces a custom mountain bike that sells for $800. During its first year of operations, Abigail produced 1,000 bikes and sold...

Abigail Corporation produces a custom mountain bike that sells for $800. During its first year of operations, Abigail produced 1,000 bikes and sold 900 bikes. The costs of production for each bike are:$100$50$30Additionally, the annual fixed overhead is $200,000.Determine the following:1. How many bikes were in the inventory at the end of the year?2. What is the product cost of one bike using the variable costing method?3. What is the product cost of one bike using the full costing method?4. Under variable costing, are fixed overhead costs a product cost or a period cost?