O'Neill'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'Neill's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 Sales revenue Less Variable expenses Variable cost of goods sold Variable operating expenses Contribution margin Less Fixed expenses $ 408,000 224,000 8,000 176,000 Fixed manufacturing overhead Fixed operating expenses Operating income 88,000 86,000 2,000 Requirement 2. Prepare an income statement for the upcoming year using absorption costing