CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Partially correct 11,64 points out of 16.00 Ragquestion Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Trenton Products, Inc, are as follows: 16,000,000 Sales (200,000 units) Production costs (210,000 units) Direct material Direct labor Manufacturing overhead Variable Fixed Operating expenses: Variable Fixed 4.200,000 3.360,000 2,520,000 2,100,000 1,120,000 1,280,000 a. Prepare an income statement based on full absorption costing Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable. Absorption Costing Income Statement Sales s 16,000,00 Cost of Goods Sold: Beginning Inventory Direct materials ,200,000 Direct labor 3,360,000 4,620,000 Less: Ending Inventony ,200,000 X Cost of Goods Sold Gross profit Operating expenses 400,000 0 X Net Income (Loss)