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The lol Company manufactures and sells personal organizers. The following are the operating date for the company for 2021 and 2022- 2021 2022 Units produced 62.400 52.000 Units sold 56.160 56.160 Selling price per unit $285.00 $285.00 Variable costs per unit Direct materials $85.00 $85.00 Direct labour 45.00 45.00 Variable overhead 40.00 40.00 Selling expenses 35.00 35100 Fixed manufacturing overhead (total) $2,620,800 $2.620,800 Fixed selling and administrative expenses (total) $312,000 $312,000 There was no beginning inventory on January 1. 2021. The company used the FIFO method to calculate the cost of inventories. Ignore income taxes.(a) Your answer is correct. Prepare income statements for 2021 and 2022 using the absorption-costing method. (Round per unit calculations to 2 decimal places, e g. 15.25 and final answers to O decimal places, e.g. 125.) CORONADOCOMPANY Absorption-Costing Income Statement For the Years Ended December 31 2021 2022 Sales in units 56160 56160 Sales 16005600 16005600 Cost of goods sold 11905920 12325248 Gross profit 4099680 3680352 Less Selling and administrative costs 2277600 2277600 Net Income 1822080 1402752(b) Prepare income statements for 2021 and 2022 using the variable-costing method. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) CORONADOCOMPANY Variable-Costing Income Statement For the Years Ended December 31 v 2021 2022 Sales in units Sales Variable costs Variable cost of goods sold Variable selling costs Total variable costs Contribution margin Less Fixed costs Fixed manufacturing overhead Fixed selling and administrative expenses Total fixed costs Net Income