On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January Units Production 50,000 Sales (518 per unit) (42,000) Inventory, January 31 8,000 Manufacturing costs: Variable $575,000 Fored 80,000 Total 5655,000 Selling and administrative expenses: $35,000 Variable 10.500 Fert Variable $575,000 Fixed 80,000 Total $655,000 Selling and administrative expenses: Variable $35,000 Fixed 10.500 Total $ 45,500 Required: a. Prepare an income statement using absorption costing." b. Prepare an income statement using variable costing." *Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons() on the financial statements. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Netloss should be negative. Expenses should be positive