5.Prepare Income Statement under Marginal Costing and Absorption Costing. Summarized data for 2019 (the first year of operations) for Gorman Products, in areas follows Sales (70,000 units) $2,800,00 Production costs (80,000 units): Direct materials 880,000 Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory and 28,000 equipment Personnel department expenses 30,000