Income Statements under Absorption Costing and Variable CostingCrazy Mountain Sports Inc. assembles and selis snowmobile engines. The company began operations on March $1$ and operated at $100\%$ of capacity during the first month. The following data summarize the results for March:$$1,440,000$Sales $(16,000$ units$)$Production costs $(21,000$ units$)$:Direct materialsDirect laborVariable factory overheadFixed factory overheadSelling and administrative expenses:Variable selling and administrative expensesFixed selling and administrative expenses$$699,300336,000168,000111,3001,314,600$$$203,80078,900282,700$If required, round interim per$-$unit calculations to the nearest cent.a$.$ Prepare an income statement according to the absorption costing concept.