3. On February 1 Papier Co. started operations and is operating at 100% of capacity during February. The following data summarized the results for February: a.Prepare an income statement using absorption costing. b.Prepare an income statement using variable costing. Production Sales ($18 per unit) Inventory, February 31 Units 50,000 (42,000) 8,000 Manufacturing costs Variable Fixed Total 575,000 80,000 655,000 Selling and Admin Expenses Variable Fixed Total 35,000 10.500 45,000