Toy Centre Inc. sells Frisbees. In 2020, the company produced 3,023,000 units but sold only 2,536,000 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		$0.49
Direct labour		0.08
Variable manufacturing overhead		0.19
Variable selling and administrative expenses		0.23
Annual fixed costs and expenses:
Manufacturing overhead		$483,680
Selling and administrative expenses		331,000

Toy Centre Inc, sells Frisbees. In 2020, the company produced 3,023,000 units but sold only 2,536,000 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 0.08 0.19 0.23 Annual fixed costs and expenses: Manufacturing overhead Selling and administrative expenses $483,680 331,000 Prepare an income statement using absorption costing. Toy Centre Inc. Income Statement V Absorption Costing Prepare an income statement using variable costing. Toy Centre Inc. Income Statement Variable Costing $ $