(5) Rasheed Corporation had the following sales and production for the past four years: Year 1 Production in units Year 2 Year 3 5,000 8,000 Sales in units 4,000 5,000 6,000 Sales price/unit 5,000 20 10 10 Total variable manufacturing cost /unit Total fixed manufacturing cost/year 40,000 40,000 Variable selling cost/unit 40,000 2 Total fixed S&A cost/year 30,000 30,000 30,000 There were no beginning inventories in Year 1. Required: 1. Prepare income statement for each year under variable approach and absorption approach 2. Show the effect on balance sheet each year