Colorfora produces a single product. Its income statement under absorption costing is a follows for 2021. Sales ($46 per unit) $920,000 COGS ($31 per unit) 620,000 Gross profit 300,000 Selling and administrative expenses 290,000 Net income $10,000 Additional sales and production data: Units produced 30,000 Units sold 20,000 The $31 cost per unit product consists of the following: Direct materials $5 per unit Direct labor 9 per unit Variable overhead 7 per unit Fixed overhead $300,000 in total Selling and administrative expenses consist of the following Variable selling & admin 50,000 Fixed selling & admin 240,000 Total 290,000 Required: 1.) Prepare the 2021 income statement for the company using absorption costing. 2.) Prepare the 2021 income statement for the company using variable costing. 3.) Prepare a reconciliation of the net income you calculated in steps 2&3