Variable and Absorption CostingThree 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 StatementsAbsorption Costing For the Year Ended December 31, 20Y1 Cross Training Shoes Golf Shoes Running Shoes Revenues $420,100 $239,500 $198,800 Cost of goods sold 218,500 117,400 133,200 Gross profit $201,600 $122,100 $65,600 Selling and administrative expenses 173,400 87,900 109,600 Income (loss) from operations $28,200 $34,200 $(44,000) In addition, you have determined the following information with respect to allocated fixed costs: Cross Training Shoes Golf Shoes Running Shoes Fixed costs: Cost of goods sold $67,200 $31,100 $27,800 Selling and administrative expenses 50,400 28,700 27,800 These fixed costs are used to support all three product lines. In addition, you have determined that the inventory is negligible. The management of the company has deemed the profit performance of the running shoe line as unacceptable. As a result, it has decided to eliminate the running shoe line. Management does not expect to be able to increase sales in the other two lines. However, as a result of eliminating the running shoe line, management expects the profits of the company to increase by $44,000. b. Prepare a variable costing income statement for the three products. Enter a net loss as a negative number using a minus sign; enter all other amounts as positive numbers. Winslow Inc. Variable Costing Income StatementsThree Product Lines For the Year Ended December 31, 20Y1 Cross Training Shoes Golf Shoes Running Shoes Revenues $ $ $ Variable cost of goods sold Manufacturing margin $ $ $ Variable selling and administrative expenses Contribution margin $ $ $ Fixed costs: Fixed manufacturing costs $ $ $ Fixed selling and administrative expenses Total fixed costs $ $ $ Income from operations $ $ $