Score: 0.62 of 1 pt 3 of 9 (5 complete) % 56-15 (similar to) O'Sullivan's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: A (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Sullivan's Products Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 $ 648,000 Sales revenue Less: Variable expenses Variable cost of goods sold 372,000 36,000 Variable operating expenses Contribution margin 240,000 Less: Fixed expenses Fixed manufacturing overhead 96,000 Fixed operating expenses 91,000 $ 53,000 Operating income Requirement 2. Prepare an income statement for the upcoming year using absorption costing. O'Sullivan's Products Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue 648000 Less: Cost of goods sold Gross profit Less: Operating expenses Operating income i -X More Info Selling price per unit is $54 Variable manufacturing costs per unit manufactured (includes direct materials (DM), direct labor (DL), and variable MOH) $31 Variable operating expenses per unit sold $3 Fixed manufacturing overhead (MOH) in total for the year $96,000 Fixed operating expenses in total for the year $91,000 Units manufactured and sold for the year 12,000 units . . Print Done