Jerod Jangles uses an absorption costing system. In April, the firm produced 78,000 units and sold 65,300. The traditional format income statement is as follows: Sales COGS GM S&A NI $636,675 352.620 284,055 193.400 $90,655 Variables & A expenses are $2.45 per unit. Variable manufacturing costs are $2.10 per unit. 1. Produce a traditional income statement assuming absorption costing 2. In a month in which production is less than sales, which system (absorption costing or variable costing) results in the highest net income? Explain