please lay out steps/reasoning

O'Hara'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 More Info Requirement 1. Prepare an income statement for the upcoming year using variable costing O'Hara's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 . Selling price per unit is 562 Variable manufacturing costs per unit manufactured (includes direct materials (DM), direct labor |DL] and variable MOH) $32 Variable operating expenses per unit sold S1 Fixed manufacturing overhead (MOH) in total for the year $180,000 Fixed operating expenses in total for the year $87,000 Units manufactured and sold for the year 12,000 units Less Requirements Print Done Less 1. 2. Prepare an income statement for the upcoming year using variable costing Prepare an income statement for the upcoming year using absorption costing Print Done