Keep Fit is a Canadian company that has been in business for 10 years. Keep Fit manufactures an exercise rowing machine. The production and sales data for the most recent year that had no beginning inventory are as follows: Variable production costs $85 per rower Fixed production costs $530,000 Variable selling & administrative costs $17 per rower Fixed selling & administrative costs $480,000 Selling price $195 per rower Production 21,200 rower Sales 19,000 rowers Instructions a) Prepare a brief income statement using absorption costing and variable costing