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, 20Y1 1 Cross Training Shoes Golf Shoes Running Shoes 2 Revenues $830,000.00 $720,000.00 $640,000.00 3 Cost of goods sold 418,000.00 339,800.00 417,000.00 4 Gross profit $412,000.00 $380,200.00 $223,000.00 5 Selling and administrative expenses 363,800.00 277,200.00 366,400.00 6 Income (Loss) from operations $48,200.00 $103,000.00 $(143,400.00)