O'Mally's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: K (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Mally's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 Sales revenue $ 427,000 Less: Variable expenses Variable cost of goods sold 196,000 Variable operating expenses 14,000 Contribution margin 217,000 Less: Fixed expenses Fixed manufacturing overhead 98,000 86.000 Fixed operating expenses Get more help- Clear all Chec Fixed operating expenses Operating income 86,000 $ 33,000 Requirement 2. Prepare an income statement for the upcoming year uning absorption costing. O'Mally's Products Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue Less: Cost of goods sold Gross profit Loss: Operating expenses Operating income Get more help- 427,000 33,000 Clear all manufactures a single product. Cost, sales, and production information for the com to view the data.) hents. More info Selling price per unit is $61 Variable manufacturing costs per unit manufactured (includes direct materials [DM], direct labor [DL], and variable MOH) $28 Variable operating expenses per unit sold $2 Fixed manufacturing overhead (MOH) in total for the year $98,000 Fixed operating expenses in total for the year $86,000 Units manufactured and sold for the year 7,000 units Print Done