2. (1pt) Tortoise Coast, Ltd. prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. During its first year of operations, 250,000 gaming headsets were produced and 225,000 were sold. Income statement information under variable costing follows. Tortoise Coast, Ltd. Income Statement (Variable Costing) For the year ended June 30, 2022 Sales (225,000 x $90) Variable cost of goods sold (225,000 x $42) Variable selling and administrative expenses (225,000 x $7.50) Contribution margin Fixed Factory overhead Fixed selling and administrative expenses Income $ 20,250,000 9,450,000 1,687,500 $9,112,500 3,375,000 562,500 $5,175,000 Prepare the company's income statement for the year ended June 30, 2022 under absorption costing. (1pt)