Required 1. Can the company report a net income by increasing production to 100 tons and storing the excess production in inventory? Complete the following income statement (using absorption costing) based on production of 100 tons and sales of 65 tons. (Round your answers to the nearest whole dollar.) Production volume Cost of goods sold 65 tons 100 tons Cost of goods sold per unit Number of tons sold Total cost of goods sold SAFETY CHEMICAL Income statement - Absorption method Production volume Sales volume - 65 tons 65 tons 100 tons Under absorption costing, can a company report a higher net income amount roducing more units than they sell