The following information relates to Vice Versa Ventures for calendar year 20XX, the company's first year of operations. Units produced 20,000 Units sold 17,000 Selling price per unit $35 Direct material per unit $5 Direct labor per unit $5 Variable manufacturing overhead per unit $2 Variable selling cost per unit $3 Annual fixed manufacturing overhead $160,000 Annual fixed selling and administrative expense $80,000 Required (a) Prepare an income statement using full costing. (b) Prepare an income statement using variable costing