Wrap-lh Company, a manufacturer of wrapping paper, began opcrations on June I of the current year. During this timc, the company prodaced 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 labot Variable overhead Fixed overhead $2.00 per unit 580 per unt $814,000 in total 5481,000 in total Nonproduction costs Variable seling and adeministrative Fixed selling and administrative $78,000 in total 210,000 ie total a Prepare Wrap-it's December 31 income statement for the curent year under ahsorption costing WRAP-IT COMPANY Income Statement (Absorption Costing) For the seven months ended December 31.xx b. Prepare Wrap-ir's December St ncome satcmnt for the curenu yoat under variable costing WRAP-IT COMPANY Income Statement (Variable Costing For the seven months ended December 31, xx