Happy Trails has the following information for its manufacturing: Direct Materials $16 Direct Labor $14 Variable Manufacturing Overhead $3 Fixed Manufacturing Overhead $24 Units Produced 28,000 Units Sold 19,000 Its income statement under absorption costing is: Sales $1,900,500 Beginning Inventory $0 Cost of Goods Manufactured 1,596,000 Cost of Goods Available for Sale $1,596,000 - Ending Inventory 513,000 Cost of Goods Sold $1,083,000 Gross Profit $817,500 -Sales and Admin. Expenses: Variable $152,000 Fixed 200,000 Total Sales and Admin. Expenses $352,000 Net Operating Income $465,500 Prepare an income statement with variable costing and a reconciliation statement between both methods. If an amount box does not require an entry, leave it blank. Prepare an income statement with variable costing and a reconciliation statement between both methods. If an amount box does not require an entry, leave it blank. Happy Trails Variable Costing Income Statement Sales 1,900,500 Beginning Inventory 0 Cost of Goods Manufactured Cost of Goods Available for Sale Ending Inventory 513,000 Cost of Goods Sold Gross Profit Variable Sales and Administrative Expenses Contribution Margin $ Fixed Sales and Administrative Expenses Fixed Manufacturing Overhead $ Total Sales and Administrative Expenses Net Operating Income $ Reconciliation: Net Operating Income: Variable Fixed Manufacturing Overhead Deferred in Inventory Net Operating Income: Absorption