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 inventorv. Required: Prepare an absorption costing income statement. DIAZ COMPANY Income Statement (Absorption Costing) Sales Cost of goods sold Contribution margin Cost of goods sold Fixed overhead Gross profit Income Loss Sales Selling and administrative expenses Variable cost of goods sold Ive this question or can be 2 Required: Prepare an absorption costing income statement. DIAZ COMPANY Income Statement (Absorption Costing) Sales (2) $3,000,000 Cost of goods sold Contribution margin Income