Compute the indirect production cost allocated to each product with the ABC system s. (20 pts) A company had the following data (in $1,000s) for 2016. None $400 330 20 40 Beginning and ending inventory Direct material used Direct labor Supplies Utilities-variable portion Utilities-fixed portion Indirect labor-Variable portion Indirect labor-fixed portion Depreciation Property taxes Supervisory salaries In addition to the above, selling expenses were $300,000 (of which $60,000 were variable) and general administrative expenses were $144,000 (of which $23,000 were variable). Sales were $1.8 million. a) Prepare an income statement using the contribution approach b) Prepare an income statement using the absorption approach 90 40 200 20 50 3