Dalton's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: Click the icon to view the data.) Read the requirements Requirement 1. Prepare an income statement for the upcoming year using variable costing. Dalton's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 Sales revenue $ 845,000 Less: Variable expenses Variable cost of goods sold 403,000 Variable operating expenses 26,000 Contribution margin 416,000 Loss Fixed expenses Fixed manufacturing overhead 208,000 Fixed operating expenses 89.000 Operating income $ 119,000 Requirement 2. Prepare an income statement for the upcoming year using absorption costing. Dalton's Products Income Statement (Absorption Costing) For the Year Ended December 31 Less: Loss: upcoming year using variable costing. riable Costing) 31 $ 845,000 More Info X - Selling price per unit is $65 Variable manufacturing costs per unit manufactured (includes direct materials (DM), direct labor (DL), and variable MOH)$31 Variable operating expenses per unit sold $2 Fixed manufacturing overhead (MOH) in total for the year $208,000 Fixed operating expenses in total for the year $89,000 Units manufactured and sold for the year 13,000 units e upcoming yea Costing) ber 31 Print Done