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Limonade produced 12,000 cases of powdered drink mix and sold 11,000 cases in April 2016. The sales price was $27, variable costs were $15 per case ($10 manufacturing and $5 selling and administrative), and total fixed costs were $90,000 ($72,000 manufacturing and $18,000 selling and administrative). The company had no beginning Finished Goods Inventory. The company had the following results using variable costing (Click the icon to view the data using variable costing.) Read the reguirements. Requirement 1. Prepare the April income statement using absorption costing Limonade Income Statement (Absorption Costing) Month Ended April 30, 2016 Sales Revenue 297000 Cost of Goods Sold 110000 Variable Cost of Goods Sold Fixed Cost of Goods Sold Gross Profit Selling and Administrative Costs Variable Selling and Administrative Costs 18000 Fixed Selling and Administrative Costs Operating Income