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Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $4,500,000 Production costs (80,000 units) Direct material 1,320,000 Direct labor 1,080,000 Manufacturing overhead: Variable 816,000 Fixed 480,000 Operating expenses: Variable 252,000 Fixed 360,000 Depreciation on equipment 90.000 Real estate taxes 27,000 Personal property taxes (inventory & equipment) 43,200 Personnel department expenses 45,000 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 $ 4500000 Cost of Goods Sold: Beginning Inventory Direct materials 1320000 Direct labor 1080000 Manufacturing overhead 1296000 Less: Ending Inventory 231000 Cost of Goods Sold 3465000 Gross profit 1035000 Operating expenses Net Income (Loss) $ 0 b. Prepare an income statement based on variable 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. Variable Costing Income Statement Sales Variable cost of Goods Sold: Beginning Inventory Direct materials Direct labor 1320000 Variable manufacturing overhead : 816000 Less: Ending Inventory Variable cost of goods sold Variable operating expenses 252000 Contribution margin Fixed costs: Manufacturing overhead 480000 Operating expenses 360000 Total Fixed Cost Net Income (Loss)