Patty's Planes sells children's airplane kits for $50 per kit. You are given the following information about each kit: Direct materials $8 per kit Direct labor per $10 kit Variable $3 overhead per kit Variable selling $6 costs per kit Fixed selling $125,000 costs (in total) Fixed overhead $105,000 costs (in total) 75,000 kits were produced this year, and 50,000 kits were sold. Part 1: Using the information above, prepare a direct or contribution margin income statement. (round to the nearest whole dollar, with no decimal places) Sales Less: Variable costs Contribution Margin Less: Fixed selling Fixed overhead Operating income Part 2: Using the information above, prepare an absorption (or GAAP) income statement. (round the the nearest whole dollar, with no decimal places) Sales Less: Cost of Goods Sold Gross Profit Less: Variable Selling Fixed Selling Operating income