ounting Fall 2022 r 6 DSM and Homework Question 10, E6-37A (similar to) Part 1 of 11 Imperial Industries has one product. Information about the production and sales of that product for the past year follow BEE (Click the icon to view the data) The company had no beginning inventory. Read the requirements Requirement 1. Prepare two income statements for the year one using absorption costing and one using variable costing. Begin by preparing the income statement for the year using absorption costing Imperial Industries. Income Statement (Absorption Costing) Sales revenue Less: For the Year Ended Cost of goods sold Gross profit Less: Operating expenses Operating income