Requirement 1. Prepare two income statements for the year, one using absorption costing and one using variable costing. Begin by preparing the income statement for the year using absorption costing. Quality Industries Income Statement (Absorption Costing) For the Year Ended Sales revenue 500,000 Less: Cost of goods sold 330,000 Gross profit $ 170,000 Less: Operating expenses 106,000 Operating income 64,000 Now prepare the income statement for the year using variable costing. Quality Industries Contribution Margin Income Statement (Variable Costing) For the Year Ended Sales revenue 500000 Choose from any list or enter any number in the input fields and then click Check Answer. Now prepare the income statement for the year using variable costing. Quality Industries Contribution Margin Income Statement (Variable Costing) For the Year Ended Sales revenue 500000 Less: Variable expenses Variable cost of goods sold Variable operating expenses Contribution margin Less: Fixed expenses Fixed manufacturing overhead 90000 Fixed operating expenses 46000 Operating income Choose from any list or enter any number in the input fields and then click Check Answer. Data Table $ 50.00 $ 13.00 $ 9.00 $ 165,000 Selling price per unit... Direct material per unit Direct labor per unit Total annual manufacturing overhead. Fixed portion of annual manufacturing overhead Variable operating expenses per unit sold Fixed operating expenses per year in total Units manufactured.. Units sold. $ 90,000 $ 6.00 $ 46,000 15,000 10,000 Print Done