Happy Feet Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for the three shoes are as follows: Happy Feet Inc. Product Income Statements-Absorption Costing For the Year Ended December 31, 2016 Cross Training Golf Shoes Running shoes Shoes $880,000.00 $705,000.00 $625,000.00 2 Revenues 3 Cost of goods sold 419,000.00 339,600.00 422,000.00 4 Gross profit $461,000.00 $365,400.00 $203,000.00 414000.00 262,500.00 345,000.00 5 Selling and administrative expenses $47,000.00 $102,900.00 $(142,000.00) 6 Income (Loss) from operations