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 X 1 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 Majestic Industries Income Statement (Absorption Costing) For the Year Ended Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Selling price per unit. $ 52.00 Direct material per unit. $ 14.00 Direct labor per unit.... $ 11.00 Total annual manufacturing overhead ........... $ $ 180,000 Fixed portion of annual manufacturing overhead . $ 72,000 Variable operating expenses per unit sold ....... $ 7.00 Fixed operating expenses per year in total $ 49,000 Units manufactured ......... 18.000 Units sold 14,000 Print Done Help Me Solve This Video Get More Help Clear All Check