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A manufacturer of bikes has the following Information on their company: DM per bicycle = $100 DL per bicycle = $50 Variable OH per bicylce = $10 Fixed OH for the year $100,000 Selling Expenses = $25 commission per bicycle sold plus $50,000 per year in salaries Administrative expenses = $150,000 per year Advertising expenses = $100,000 per year in the current year, the company expects to make 1,000 bicycles and sell 800. The selling price per bicycle is $750. Using this information, the income reported using absorption costing (GAAP format) will be $___; the income reported on a Contribution Margin income statement will be $ SELECT ONE FROM THE CHOICES BELOW: ORDER IS ABSORPTION NET INCOME, CONTRIBUTION MARGIN NET INCOME $72,000 and $72,000 $20,000 and $62,000 $72,000 and $52,000 $52,000 and $52,000 lier Sand Shmit to save and submit. Click Save All Answers to save all answers