Toy Centre Inc. sells Frisbees. In 2020, the company produced 3,046,000 units but sold only 2,510,000 units. The unit selling price was $1.50 per Frisbee. The company had no beginning inventory. Costs and expenses for the year ended December 31, 2020 were as follows: Variable costs per unit: Direct materials $0.45 Direct labour 0.11 Variable manufacturing overhead 0.20 Variable selling and administrative expenses 0.25 Annual fixed costs and expenses: Manufacturing overhead $487,360 Selling and administrative expenses 339,000

Prepare an income statement using absorption costing also after make a income statement using variable costing after aswell.

Prepare an income statement using absorption costing. Toy Centre Inc. Income Statement Absorption Costing $ $