3. (20 pts) Margaret Company has been producing and selling 100,000 units per year. They have excess capacity, and there are no beginning and ending inventories. The fo budget was prepared for the next year: Selling price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit $1.00 Variable selling and administrative per unit $0.25 Total fixed manufacturing overhead costs $50,000 11.00 $5.00 $3.00 Total fixed selling and administrative S15,000 A) Prepare an income statement using the contribution approach. B) Prepare an income statement using the absorption approach