Map Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $140 Units in beginning inventory 0 Units produced 7,400 Units sold 7,200 Units in ending inventory 200 Variable costs per unit: Direct materials $42 Direct labor $32 Variable manufacturing overhead $1 Variable selling and administrative $8 Fixed costs: Fixed manufacturing overhead $280,800 Fixed selling and administrative $98,000

Prepare an income statement for the month using the contribution format and the variable costing method.

Prepare an income statement for the month using the absorption costing method.