3 To have a better picture of what has happened during the previous year, Benny wants to figure out the operating profit for Stylish Chairs, and Benny has asked you to provide him with this information. The chairs are sold for $900 each. When preparing the income statements, please break down the information as much as you can. Keep in mind you are not preparing reports for financial accounting, so break down the cost items as much as possible. Required a) Prepare a variable-costing income statement for the previous year for Stylish Chairs. (e.g., Panel A, Exhibit 7.3, Chapter 7, 5 marks) b) Prepare an absorption-costing income statement for the previous year for Stylish Chairs. (e.g., Panel B, Exhibit 7.3, Chapter 7, 5 marks)