Variable and Absorption Costing Summarized data for 2019 the first year of operations) for Gorman Products, Inc., are as follows: Sales (70.000 units) Production COSES 80,000 units Direct material Direct labor Manufacturing overhead Operating expenses Depreciation on equipment Real estate taxes Personal property taxes inventory equipment Personnel department expenses 2800 2000 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 netlos. Otherwise do not use negative signs with any answers. Round answers to the ne number, when applicable Absorption Costing income statement Cost of Goods Sold Beginning inventory b. Prepare an income statement based on variable casting, Only use a negative sign with your answer for net income foss, the answer represents a net loss. Otherwise, do not use negative signs with any answers, Round answers to the nearest whole number, when applicable Wanaw c. Assume that you must decide quickly whether to accept a special one-time order for 1.000 units for $25 per unit Which income statement presents the most relevant data? Determine the apparent profit or loss on the special order based solely on these data Use a negative sign with your answer if the special order creates an apparent loss. Round answer to the nearest whole number d. If the ending inventory is destroyed by fire, which costing approach would you use as a basis for filing an insurance cam for the fire loss? Why? Select the most appropriate statement Absorption costing approach because the cost should include a reasonable portion of five manufacturing costs Variable costing approach because the cost should include a reasonable portion of fed manufacturing costs