CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 2 Not complete Points out of 33.00P Flag question Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) Production costs (80,000 units) $6,000,000 Direct material 1,760,000 Direct labor 1,440,000 Manufacturing overhead: Variable 1088,000 Fixed 640,000 Operating expenses: Variable 336,000 480,000 120,000 36,000 57,600 60,000 Fixed Depreciation on equipm Real estate taxes Personal property taxes (inventory & equipment) Personnel department expenses 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 to the nearest whole number, when applicable