Question 4: (21 marks total) Illuminate Bright Light (IBL), a producer of energy-efficient light bulbs prepared the following absorption costing income statement for the year ended May 31, 2019, Sales (16,000 units) $320,000 Cost of goods sold 216.000 Gross margin $104,000 Selling and administrative expenses 46.000 Operating income $58.000 Additional information follows: Selling and administrative expenses include 51 50 of variable cost per unit sold. There was no beginning inventory, and 17,500 units were produced Variable manufacturing costs were $11 per unit. Actual fixed costs were equal to budgeted fixed costs. Required: Prepare a variable costing income statement for the same period