Majestic Industries has one product. Information about the production and sales of that product for the past year follow. (Click the icon to view the data.) The company had no beginning inventory. Read the requirements. Data table Requirement 1. Prepare two income statements for the year, one using absorption costing and one using variable costing. Begin by preparing the income statement for the year using absorption costing. Diamond Industries Income Statement (Absorption Costing) Now prepare the income statement for the year using variable costing. Diamond Industries Contribution Margin Income Statement (Variable Costing)