O'Rafferty's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows:

Selling price per unit is $66 Variable manufacturing costs per unit manufactured (includes direct materials [DM], direct labor [DL], and variable MOH) $34 Variable operating expenses per unit sold $5 Fixed manufacturing overhead (MOH) in total for the year $112,000 Fixed operating expenses in total for the year $88,000 Units manufactured and sold for the year 8,000 units Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Rafferty's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 Less: Less: Requirement 2. Prepare an income statement for the upcoming year using absorption costing. O'Rafferty's Products Income Statement (Absorption Costing) For the Year Ended December 31 Less: Tess: Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Rafferty's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 Contribution margin Cost of goods sold Fixed expenses Fixed manufacturing overhead Fixed operating expenses Gross profit Operating expenses Operating income Sales revenue Variable cost of goods sold Variable expenses Variable operating expenses rear using absorption costing. Income Statement (Absorption Costing) For the Year Ended December 31 Less: Less