Leail 2. Prepalen Violins-by-Zain produces student-grade violins for beginning violin students. The produced 2,000 violins in its first month of operations. At month-end, 600 finishedaly remained unsold. There was no inventory in work in process. Violins were sold for 3-68A Determine financial statement components shed violins 50 each. Total costs from the month are as follows: Direct labour.... Variable manufacturing overhead. Fixed manufacturing overhead. Variable selling and administrative expens Fixed selling and administrative expense.... $80,000 50,000 30,000 40,000 10,000 15,000 The company prepares traditional (absorption costing) income statements for its bank- ers. Zain would also like to prepare contribution margin income statements for his own management use. Compute the following amounts that would be shown on these income statements: Requirements 1. Gross profit 2. Contribution margin 3. Total expenses shown below the gross profit line 4. Total expenses shown below the contribution margin line 5. Dollar value of ending inventory under absorption costing 6. Dollar value of ending inventory under variable costing Which income statement has a higher operating income? By how much? Explain