A company produces soccer balls for amateur soccer players. Last year, the company reached its planned production of 20,000 balls and sold all but 2,000 balls. The balls sell for $50 each. Costs incurred in the production of the balls are as follows:

Materials used	40,000
Other Variable production costs	60,000
Fixed production costs	100,000
Variable selling costs	18,000
Fixed selling and administrative costs	100,000

Company uses a normal costing system.

Prepare an income statement under (i) variable costing and (ii) absorption costing