CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 4 Incomplete answer Marked out of 33.00 Variable and Absorption Costing P Flag question Summarized data for 2016 (the first year of operations) for Trenton Products, Inc., are as follows Sales (200,000 units) Production costs (210,000 units) Direct material Direct labor Manufacturing overhead: Variable Fixed Operating expenses Variable Fixed $16,000,000 4,200,000 3,360,000 2,520,000 2,100,000 1,120,000 1,280,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number when applicable. Absorption Costing Income Statement Sales Cost of Goods Sold Beginning Inventory 0 Direct materials Direct labor 0 Less: Ending Inventory Cost of Goods Sold Net Income (Loss) b. Prepare an income statement based on variable costing. Only use a negative sign with your answer for net income (loss), if the answer represents a net loss Otherwise, do not use negative signs with any answers. Round answers to the nearest whole numl when applicable. Variable Costing Income Statement Sales Variable cost of Goods Sold: Beginning Inventory 0 Direct materials Direct labor 0 Less: Ending Inventory 0 Variable cost of goods sold Less: Ending Inventory Variable cost of goods sold Fixed costs: Operating expenses Total Fixed Cost Net Income (Loss)