Problem (10 points). Massenet, Inc. manufactures and sells a consumer product. The company has the following information available for its first year of operations. MASSENET, INC. ACCOUNTING DATA FOR PRODUCT MANUFACTURED AND SOLD FOR FIRST YEAR OF OPERATIONS Units Produced 30,000 Units Sold 26,000 Selling Price Per Unit $ 40.00 Manufacturing Costs: Direct Materials Cost Per Unit $ 5.00 Direct Labor Cost Per Unit 10.00 Variable Manufacturing Overhead Per Unit 3.00 Total Fixed Manufacturing Overhead Per Year 320,000 Selling and Administrative Costs: Variable Selling and Administrative Cost Per Unit 4.00 Total Fixed Selling and Administrative Costs Per Year 120,000 REQUIRED: (1) Using the attached form, prepare an income statement using variable costing. Show all appropriate calculations. Round all dollar amounts to the nearest whole dollar. (2) Using the attached form, prepare an income statement using full absorption costing. Show all appropriate calculations. Round all dollar amounts to the nearest whole dollar. (1) MASSENET, INC. INCOME STATEMENT--VARIABLE COSTING FOR CURRENT YEAR Sales Revenue Variable Cost of Goods Sold: Beginning Inventory Add: Variable Cost of Goods Manufactured Total Goods Available For Sale Less: Ending Inventory Variable Cost of Goods Sold Manufacturing Margin Less Other Variable Costs: Total Other Variable Costs Contribution Margin Fixed Costs: Total Fixed Costs Operating Income