FAB produces fabrics that are used for clothing and other applications. In 2016, the first year of operations, FAB produced 500,000 yards of fabric and sold 400,000 yards In 2017, the production and sales results were exactly reversed. In each year, selling price per yard was $2.50, variable manufacturing costs were 30% of the sales price of units duced, variable selling expenses were 10% of the selling price of units sold, fixed manufac- turing costs were $400,000, and fixed administrative expenses were $100,000. Instructions (a) Prepare income statements for each year using variable costing. t pro