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12 A company had the following data (in $1,000) for 2017. Beginning and ending inventory None Direct material used $300 Direct labor 400 Supplies 20 Utilities-variable portion 40 Utilities-fixed portion Indirect labor - Variable portion 90 Indirect labor - fixed portion 40 Depreciation 200 Property taxes 20 Supervisory salaries 50 Selling expenses were $300.000 (of which $50,000 were variable) and general administrative expenses were $144,000 (of which $54,000 were variable). Sales were $1.8 million. a) Prepare an income statement using the contribution approach b) Prepare an income statement using the absorption approach