Diaz Company reports the following variable costing Income statement for its only product. Sales total 46,000 units, but production was 76,000 units. Diaz had no beginning finished goods Inventory. DIAZ COMPANY Income Statement (Variable Costing) Sales (46,680 units x $56.00 per unit) Variable expenses Variable cost of goods sold (46,000 units x $27.60 per unit) Variable selling and administrative expenses (46,880 units x $4.60 per unit) Contribution margin Fixed expenses Fixed overhead Fixed selling and administrative expense Income Prepare an absorption costing Income statement. DIAZ COMPANY Income Statement (Absorption Costing) $2,576,000 $ 1,269,600 211,600 1,481,288 1,094,880 273,600 136,800 410,400 $ 684,400