Information taken from Giles Corporation's May accounting records follows.

Direct Materials used = $ 150,000

Direct Labor = $8,0000

Variable Manufacturing Overhead = $30,000

Fixed Manufacturing Overhead = $100,000

Variable Selling and Administrative Costs = $51,000

Fixed Selling and Administrative Costs = $60,000

Sales Revenue = $ 625,000

Required: 1) Assuming the use of variable costing, compute the product costs for the month. 2) Compute the month's product costs by using absorption costing. 3) Prepare a variable costing income statement 4) Prepare an absorption costing income statement