Tamarisk Centre Inc. sells Frisbees. In 2022, the company produced 3,040,000 units but sold only 2,550,000 units. The unit selling price was $1.60 per Frisbee. The company had no beginning inventory. Costs and expenses for the year ended December 31, 2022 were as follows: Variable costs per unit: Direct materials $0.48 Direct labour 0.09 Variable manufacturing overhead 0.18 Variable selling and administrative expenses 0.27 Annual fixed costs and expenses: Manufacturing overhead $395,200 Selling and administrative expenses 336,000Prepare an income statement using absorption costing. TamariskCentre Inc. Income Statement For the Year Ended December 31, 2022 Absorption Costing Sales $ 4,080,000 Cost of goods sold 2,244,000 Gross profit 1,836,000 Variable selling and administrative expenses v 688,500 Fixed selling and administrative expenses 336.000 Net income / (loss) 811,500Prepare an income statement using variable costing. TamariskCentre Inc. Income Statement For the Year Ended December 31, 2022 Variable Costing Sales 4,080,000 Variable cost of goods sold 1,912,500 Variable selling and administrative expenses v 688,500 Contribution margin 1,479,000 Fixed manufacturing overhead 395,200 Fixed selling and administrative expenses 336,000 Net income / (loss) 747,800