G H 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 in 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 Units sold 50,000 $3,000,000 Units produced 80,000 Selling price per unit $60 $1,400,000 Variable cost of goods sold per unit $28 250,000 1,650,000 1,350,000 Variable selling and administrative costs per unit $5 320,000 160,000 480,000 $870,000 Fixed selling and administrative expense Income Required: Prepare an absorption costing income statement. (Use cells A2 to G15 from the given information to complete this question. All answers should be input and displayed as positive values.) Sales Cost of goods sold Gross profit DIAZ COMPANY Income Statement (Absorption Costing) Selling and administrative expenses Income $3,000,000 1,400,000 $1,400,000 1,650,000