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%E6-56B (similar to) Question King Industries has one product. Information about the production and sales of that product for the past year follow. (Click the icon to view the data.) The company had no beginning inventory. Read the requirements. Data Table Requirement 1. Prepare two income statements for the year, one using absorption costing and one using variable costing. Begin by preparing the income statement for the year using absorption costing. Selling price per unit ....... ...... A 46.00 Direct material per unit. ..... 17.00 DILECLIllalellal pel UTIL. ....................... A Direct labor per unit A .............. Total annual manufacturing overhead ..... VOITlau. . . A King Industries Income Statement (Absorption Costing) For the Year Ended Sales revenue Less: Cost of goods sold Gross profit A Fixed portion of annual manufacturing overhead .... Variable operating expenses per unit sold ............. $ Fixed operating expenses per year in total ......... $ Units manufactured ... 5.00 180,000 160,000 2.00 48,000 20,000 ....... Less: Operating expenses Units sold.... UTILS SUI 19,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......... . Operating income Print Done