Wrap-It Company, a manufacturer of wrapping paper, began operations on June I of the current year. During this time. the company produced 370.000 units and sold 310,000 units at a sales price of $50 per unit. Cost information for this period is shown in the following table Production costs Direct materials Direct labor Variable overhead Fixed overhead $2.00 per unit $.80 per unit 5814,000 in total $481,000 in total Nonproduction costs Variable selling and administrative Fixed selling and administrative $78,000 in total $210,000 in total (a. Prepare Wrap-I's December 31 income statement for the current year under absorption costing. WRAP-IT COMPANY Income Statement (Absorption Costing) For the seven months ended December 31. xx tatement for the current year under variable costing b. Prepare Wrap-ir's December 3t income statement for the curen year under variable costine WRAP-IT COMPANY Income Statement (Variable Costing) For the seven months ended December 31, xx