A company reported the following information for its first year of operations:

Units produced $4,700$

Units sold $3,760$

Unit sales price $ $200\mathrm{.}00$

Direct materials per unit $40\mathrm{.}00$

Direct labor per unit $50\mathrm{.}00$

Variable manufacturing overhead per unit $10\mathrm{.}00$

Fixed manufacturing overhead $70,500$

Variable selling expenses per unit $10\mathrm{.}00$

Fixed selling and administrative expenses $30,000$

Required:

Prepare a full absorption costing income statement.

Prepare a variable costing income statement.