O'Donnell's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Donnell's Products More info Less: Less: Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 Requirement 2. Prepare an income statement for the upcoming year using absorption costing. Selling price per unit is $64 Variable manufacturing costs per unit manufactured (includes direct materials [DM], direct labor [DL], and variable MOH) $31 Variable operating expenses per unit sold $3 Fixed manufacturing overhead (MOH) in total for the year $195,000 Fixed operating expenses in total for the year $85,000 Units manufactured and sold for the year 13,000 units Print Done - X