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A company reported the following information for its first year of operations: Units produced 4 , 7 0 0 Units sold 3 , 7 6

A company reported the following information for its first year of operations:
Units produced 4,700
Units sold 3,760
Unit sales price $ 200.00
Direct materials per unit 40.00
Direct labor per unit 50.00
Variable manufacturing overhead per unit 10.00
Fixed manufacturing overhead 70,500
Variable selling expenses per unit 10.00
Fixed selling and administrative expenses 30,000
Required:
Prepare a full absorption costing income statement.
Prepare a variable costing income statement.

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