Clover Industries has one product. Information about the production and sales of that product for the past year follow (Click the icon to view the data.) The company had no beginning inventory Read the requirements Requirement 1. Prepare two income statements for the year, one using absorption costing and one using variable costing Begin by preparing the income statement for the year using absorption costing Clover Industries Income Statement (Absorption Costing) For the Year Ended Data Table Less ..$ 15.00 Direct labor per unit 4.00 Less Fixed portion of annual manufacturing overhead. $ 374,000 2.00 Fixed operating expenses per year in total . . . . . . . .. $43,000 22,000 18,000 Variable operating expenses per unit sold . . . . . $ Contribution margin Cost of goods sold Fixed expenses Fixed manufacturing overhead Fixed operating expenses Gross profit Operating expenses Operating income Sales revenue Variable cost of goods sold Variable expenses Variable operating expenses Units sold PrintDone the input fields and then click Check Answer Clear All Check