Calgary Manufacturing Company is engaged in the manufacturing of a low cost television. Predetermined rates are used by the company to charge manufacturing overheads. Variable manufacturing overhead is applied at the rate of S1.50 per labor hour, and fixed manufacturing overhead at the rate of $2.00 per labor hour. Actual direct labor hours used during the year were 40,000. Actual costs incurred during 20X4 were as follows. CALGARY MANUFACTURING COMPANY ACTUAL COSTS INCURRED FOR YEAR 20X4 Direct Materials Used Direct Labor Actual Variable Manufacturing Overhead Variable Marketing and Administrative Costs Actual Fixed Manufacturing Overhead Fixed Marketing and Administrative Costs 370,000 160,000 65,000 40,000 86,000 30,000 In 20X4, 10,000 units were produced and 8,000 units were sold at a selling price of S120 each Assume that the company charges over-or underapplied manufacturing overhead to Cost of Goods Sold. There were no beginning inventories. REQUIRED: Prepare an income statement for 20X4 using the variable costing approach (2) Prepare an income statement for 20X4 using theul absorption costing approach