Variable and Absorption Costing

Summarized data for the first year of operations for Gorman Products, Inc., are as follows:

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.

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.