Diaz Company reports the following variable costing income statement for its single product. This companys sales totaled 48,000 units, but its production was 78,000 units. It had no beginning finished goods inventory for the current period. DIAZ COMPANY Income Statement (Variable Costing) Sales (48,000 units $58.00 per unit) $ 2,784,000 Variable expenses Variable manufacturing expense (48,000 units $27.80 per unit) 1,334,400 Variable selling and admin. expense (48,000 units $4.80 per unit) 230,400 Total variable expenses 1,564,800 Contribution margin 1,219,200 Fixed expenses Fixed overhead 296,400 Fixed selling and administrative expense 148,200 Total fixed expenses 444,600 Net income $ 774,600 1. Convert Diaz's variable costing income statement to an absorption costing income statement. 2. Fill in the blanks: