Thornton Manufacturing Company makes a product that sells for $74.90 per unit. Manufacturing costs for the product amount to $26.90 per unit variable, and $65,920 fixed. During the current accounting period, Thornton made 3,200 units of the product and sold 2,900 units. Selling and administrative expenses were zero. Required a. Prepare an absorption costing income statement. b. Prepare a variable costing income statement.Required A Required B Prepare an absorption costing income statement. Note: Do not round intermediate calculations. THORNTON MANUFACTURING COMPANY Absorption Costing Income Statement Sales Cost of goods sold Gross margin 0 Selling and administrative expenses Net income $ 0LLLLLLLLLY Required A Required B Prepare a variable costing income statement. THORNTON MANUFACTURING COMPANY Variable Costing Income Statement Sales Variable manufacturing costs Contribution margin O Fixed manufacturing costs Net income 0