Toy Centre Inc. sells Frisbees. In 2020, the company produced 3,046,000 units but sold only 2,537,000 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 Direct labour Variable manufacturing overhead Variable selling and administrative expenses $0.49 0.09 0.21 0.26 Annual fixed costs and expenses: Manufacturing overhead Selling and administrative expenses $395.980 341,000 Prepare an income statement using absorption costing. Toy Centre Inc. Income Statement Absorption Costing Prepare an income statement using variable costing. Toy Centre Inc. Income Statement Variable Costing