Diaz 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 x $60 per unit) Variable expenses Variable cost of goods sold (50,000 units x $28 per unit) Variable selling and administrative expenses (50,000 units x $5 per unit) Contribution margin Fixed expenses Fixed overhead Fixed selling and administrative expense Income Required: Prepare an absorption costing income statement. $1,400,000 $3,000,000 250,000 1,650,000 1,350,000 320,000 160,000 480,000 $870,000 Units sold Units produced Selling price per unit Variable cost of goods sold per unit Variable selling and administrative costs per unit 50,000 80,000 $60 $28 $5