JetStar produces jet bridges for many domestic and international airports. Cost information for JetStar's jet bridges is as follows: Variable costs per jet bridge: Fixed costs for the first quarter of 2020: - Sales price: $40,000 per jet bridge Additional information for the first three quarters of 2020 for JetStar are shown below: JetStar's controller, Max, wishes to analyze the difference in the income statements between absorption costing, and variable costing for the first quarter of 2020. Assume no beginning inventory. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Required: 1. Prepare an absorption costing income statement for the first quarter. (10%) 2. Prepare a variable costing income statement for the first quarter. (10%)