O'Mally'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. X More Info Requirement 1. Prepare an income statement for the upcoming year usin O'Mally's Products Contribution Margin Income Statement (Variable Costing For the Year Ended December 31 Sales revenue Less: Variable expenses Selling price per unit is $68 Variable manufacturing costs per unit manufactured (includes direct materials (DM), direct labor (DL), and variable MOH) $36 Variable operating expenses per unit sold $1 Fixed manufacturing overhead (MOH) In total for the year $91,000 Fixed operating expenses in total for the year $89,000 Units manufactured and sold for the year 7,000 units Cost of goods sold Contribi Fixed expenses Less: Fixed manufacturing overhead Fixed operating expenses Print Done Operati Gross profit Operating expenses Operating income Sales revenue Variable cost of goods sold Help Clear All Check Answer Variable expenses O'Mally'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'Mally's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 Sales revenue $ 476,000 Less: Variable expenses Variable operating expenses 252000 7000 Variable operating expenses Contribution margin 231000 Less: Fixed expenses Fixed manufacturing overhead 91,000 Fixed operating expenses 89,000 2000 Operating income O'Mally'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'Mally's Products Contribution Margin Income Statement (Variable Costi For the Year Ended December 31 Requirements Sales revenue Less: Variable expenses Variable operating expenses 1. 2. Prepare an income statement for the upcoming year using variable costing. Prepare an income statement for the upcoming year using absorption costing. Variable operating expenses Contribution margin Less: Fixed expenses Fixed manufacturing overhead Print Done Fixed operating expenses Operating income