The information below represents the beginning and ending inventory amounts along with the production and sales for the month in umbrella units. Beginning Inventory: 0 Umbrellas Production: 80,000 Umbrellas Sales: 60,000 Umbrellas Ending Inventory: 20,000 Umbrellas Using the information provided above and the costs and sales information provided in Section 1, complete the following in the Hampshire Company Spreadsheet in order to assist you in responding to all components of Section II: Prepare a variable costing income statement. Prepare an absorption costing income statement. Cost Information From Instructions Stick Collapsible 60,000 $12.50 $3.00 $7.50 $0.40 $1.10 0.2 Units Sold Selling Price Direct Material Cost Per Unit Direct Labor Cost Per Hour Variable MO Variable Selling Costs Labor Hours Per Unit Sales Orders Purchase Orders Production Runs Material Moves Machine Setups Machine Hours Inspections Shipments 3,000 $14.00 $3.10 $8.00 $0.40 $1.10 0.2 1 120 3 50 45 6 10 86 130 525 6 32 200 10 60 w Activity Information from Instructions Activity Activity Cost Activity Cost Driver Order Processing $35,000 Number of Sales Orders Purchasing $36,000 Number of Purchase Orders Material Handing $28,000 Material Moves Machine Setup $14,000 Machine Setups Production $99,000 Production Runs Assembly $80,000 Machine Hours Inspecting $11,000 Number of Inspections Shipping $7,500 Number of shipments Requirement 1 Overhead Quantity of Cost Allocation Base Total Costs Allocation Rate Activity Order Processing Purchasing Material Handing Machine Setup Production Assembly Inspecting Shipping $ $ $ . . . . . . . XS X $ XS X $ X $ XS X $ X $ $ $