Variable and Absorption Costing-Three Products Winslow Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for the three shoes are as follows: Winslow Inc. Product Income Statements-Absorption Costing For the Year Ended December 31, 2011 Cross Training Shoes Golf Shoes Running Shoes Revenues $555,300 $338,700 $281,100 Cost of goods sold (288,800) (166,000) (188,300) Gross profit $266,500 $172,700 $92,800 Selling and administrative expenses (229,200) (124,300) (155,000)