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Required: 1 . Prepare an income statement based on the absorption costing concept. 2 . Prepare an income statement based on the variable costing concept.

Required:
1. Prepare an income statement based on the absorption costing concept.
2. Prepare an income statement based on the variable costing concept.
3. Explain the reason for the difference in the amount of operating income reported in (1) and (2).
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