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Absorption and Variable Costing Income Statements: Production Exceeds Sales Glendale Company sells its product at a unit price of $12.00. Unit manufacturing costs are direct materials, \$2.00; direct labor, $3.00; and variable manufacturing overhead, $1.50. Total fixed manufacturing costs are $30,000 per year. Selling and administrative expenses are $1.00 per unit variable and $11,000 per year fixed. During 2009, 25,000 units were produced and sold. There was no beginning inventory. (a) Prepare a functional income statement using absorption costing. (Do not use negative signs with your answers.) \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Glendale Company Functional (Absorption Costing) Income Statem For the year 2009 } \\ \hline Sales & & $ \\ \hline Cost of goods sold & \\ \hline Gross profit & \\ \hline Other expenses: & \\ \hline Variable selling and administrative & $ & \\ \hline Fixed selling and administrative & & \\ \hline Net income & & $ \\ \hline \hline \end{tabular} (b) Prepare a contribution income statement using variable costing. (Do not use negative signs with vour answers.)