Start Me Up Incorporated manufactures a caffeinated energy drink that sells for $$4\mathrm{.}30$ each. The results for its first year of operations appear in the table below:

Projections

Number of drinks produced $54,000$

Number of drinks sold $47,200$

Direct materials per drink $ $0\mathrm{.}68$

Direct labor per drink $ $0\mathrm{.}38$

Variable manufacturing overhead per drink $ $0\mathrm{.}28$

Total fixed manufacturing overhead $ $38,880$

Total fixed selling and administrative costs $ $56,500$

Required:

$1.$ Compute the operating income for the first year under full costing.

$2.$ Compute the operating income for the first year under variable costing.