ControlDiaz Company reports the following variable costing income statement for its only product. Sales total $50,000$ units, but production was $80,000$ units. Diaz had no beginning finished goods inventory.

DIAZ COMPANY

Income Statement $($Variable Costing$)$

Sales $(50,000$ units $\backslash$times $$60$ per unit$)$ $ $3,000,000$

Variable expenses

Variable cost of goods sold $(50,000$ units $\backslash$times $$28$ per unit$)$ $ $1,400,000$

Variable selling and administrative expenses $(50,000$ units $\backslash$times $$5$ per unit$)250,0001,650,000$

Contribution margin $1,350,000$

Fixed expenses

Fixed overhead $320,000$

Fixed selling and administrative expense $160,000480,000$

Income $ $870,000$

Prepare an absorption costing income statement.