Variable and Absorption Costing Summanzed data for 2016 (the first year of operations) for Gorman Products, inc. are as follows: a. Prepare an income statement based on full atsorption costing nuantier, when anplicable b. Prepare an income statement based on variable costing Only use a negative sign with your answer for net income fosst. If the answer represents a net loss. Otherwise, do not use negative sg gns whth any answers: Round answers to the nearest whole number, when applicable. C. Assuene that you must decide quickly whativer to accept a special one-ome order for 1,000 thits for soo per unit. Which income statement presents the most relevant sata? Oetermine the apparent proff of loss on the special order based solely an these data. Use a negative sigh wath your an wwer if the specisl cerder creates an apoarent loss. Round answer to the nearest whole number. 4. If the ending inventory is destroyed by fire, which costing approsch would you use as a basis for filing an imurance claim for the fire loss? why? Select the most approprate statement. ubsorptice costing approach because the cost should include a reasonable portion of fixed manufacturing costs Varisble costing approach because the cost should indude a reasonable portion of fixed mamufacturing costs