Diaz Company reports the following variable costing income statement for its single product. This companys sales totaled 45,000 units, but its production was 75,000 units. It had no beginning finished goods inventory for the current period. Diaz COMPANY Income Statement (Variable Costing) Sales (45,000 units $55.00 per unit) $ 2,475,000 Variable expenses Variable manufacturing expense (45,000 units $27.50 per unit) 1,237,500 Variable selling and admin. expense (45,000 units $4.50 per unit) 202,500 Total variable expenses 1,440,000 Contribution margin 1,035,000 Fixed expenses Fixed overhead 262,500 Fixed selling and administrative expense 131,250 Total fixed expenses 393,750 Net income $ 641,250 1. Convert Diaz's variable costing income statement to an absorption costing income statement.