Baker Company, a manufacturer or bath tubs, began operations on July 1 of this year. Its cost and sales information follow. Production costs Direct Materials $30/unit Direct Labor $70/unit Overhead Costs for the Year Variable Overhead $2.000.000 Fixed Overhead $8.000.000 Non-production Costs for the Year Variable Selling & Admin. $ 525,000 Fixed Selling and Admin. $3.475,000 Production and Sales for the Year Units Produced 200,000 units Units Sold 150,000 units Sales Price Per Unit $500/unit Required: (1) Prepare an income statement for the company using absorption costing (10 points). In order to get any points, you must Show your work Variable Selling & Admin. $ 525,000 Fixed Selling and Admin. $3,475,000 Production and Sales for the Year Units Produced 200,000 units Units Sold 150,000 units Sales Price Per Unit $500/unit Required: (1) Prepare an income statement for the company using absorption costing (10 points). In order to get any points, you must show your work Use the following template- Sales Cost of Goods Sold Gross Margin Selling & Admin Exps. Net Income (2) What is the company's net income under variable costing (5 pts)? You MUST show your work to receive ANY credit