Q1. ABC Company is a manufacturing company that produces product (X) and sell it for $100/ unit. The following is data related to 2019 and 2020, the first years of production. Year 2019 2020 Units Data: Units sold 8,000 units 12,000 units Units produced 10,000 units 14,000 units Costs Data: Variable Manufacturing cost $300,000 $420,000 Fixed Manufacturing cost $200,000 $200,000 Variable marketing cost $50,000 $70,000 Fixed marketing cost $50,000 $50,000 Fixed administrative cost $100,000 $100,000 Required: prepare the income statements for ABC Company for 2019 and 2020 financial periods using: a. the Absorption approach b. the variable approach