iable and Absorption Costing mmarized data for the first year of operations for Trenton Products, Inc., are as follows: es (200,000 units) oduction costs (210,000 units) $20,000,000 rect material rect labor 5,250,000 4,200,000 anufacturing overhead: ariable 3,150,000 Fixed 2,625,000 Operating expenses: Variable Fixed 1,400,000 1,600,000 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 Cost of Goods Sold: Beginning Inventory Direct materials Direct labor Less: Ending Inventory Cost of Goods Sold Net Income (Loss) $ $ 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. Sales Variable Costing Income Statement $