Chapter 19 Homework value 10.00 points Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 50,000 units, but its production was 80,000 units. It had no beginning finished goods inventory for the current period Diaz COMPANY Sales (50,000 units $60 per unit) Variable expenses S 3,000,000 Variable manufacturing expense (50,000 units $28 per unit) Variable selling and admin expense (50,000 units 5 per unit) 1.400,000 250,000 1,650,000 1,350,000 320,000 Total variable expenses Contribution margin Fixed expenses Fixed overhead Fixed selling and administrative expense 160,000 480,000 $ 870,000 Total fixed expenses Net income 1. Convert Diaz's variable costing income statement to an absorption costing income statement DIAZ COMPANY Absorption Costing Income Statement Sales 3,000,000 Less Cost of goods sold Fixed overhead costs Variable manufacturing costs Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses Net income (loss) References eBook & Resources