Thomas Company produces a single product. Operating data for the company and its absorption costing income statement for the last year is presented below. Units in beginning inventory..................................................0 Units produced....................................................................9,000 Units sold.............................................................................8,000 Sales......................................................... .........................$80,000 Less cost of goods sold: Beginning inventory.............................................. 0 Add cost of goods manufactured..................54,000 Goods available for sale...................................54,000 Less ending inventory........................................6,000 Cost of goods sold.............................................................48,000 Gross margin........................................................................32,000 Less selling and admin. expenses.....................................28,000 Net operating income.........................................................$4,000 Variable manufacturing costs are $4 per unit. Fixed manufacturing overhead totals $18,000 for the year. The fixed manufacturing overhead was applied at a rate of $2 per unit. Variable selling and administrative expenses were $1 per unit sold. Required: Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.