ABC Company is a company that specialized in manufacturing televisions. They started to produce and sell LED 50" TV, and sell it for $1,000 per piece. The following is data related to production and cost for the first three years: Year 2019 2020 Units data: Production 7,000 units 10,000 units sales 4,000 units 111,000 units Costs Data: DM $1,400,000 DL $1,050,000 V. MOH $700,000 Fixed MC $700,000 $280,000 $200,000 V. Selling cost F. selling cost F. Administrative cost $300,000 The variable per unit and fixed costs did not change during 2020. 1. Prepare the income statement using the variable and Absorption approaches? 2. explain the difference between the two incomes for 2020