XYZ Company anticipates the following costs during the first year of operations. The company is attempting to project profitability if 100% of production is sold, and if 75% of production is sold. Use the pick lists associated with the boxed areas to select amounts for each cost category in the absorption and variable costing income statements that follow. Correct selections will turn the boxed areas green. Afterwards, answer the questions at the bottom of the spreadsheet. Direct materials Direct labor Variable manufacturing overhead 150,000 75,000 25,000 Fixed manufacturing overhead 100,000 Variable selling, general, and administrative 10% of sales Fixed selling, general, and administrative 50,000 XYZ Company ABSORPTON COSTING INCOME STATEMENT For the Year Ending December 31, 20XX Assumption >>>>> Sales Less: Cost of goods sold Gross profit Less: SG&A Income 75% Sold 100% Sold ? $ 600,000 #VALUE! #VALUE! #VALUE! #VALUE! XYZ Company VARIABLE COSTING INCOME STATEMENT For the Year Ending December 31, 20XX Assumption >>>>> 75% Sold 100% Sold Sales ? $ 600,000 Less: Variable product cost Variable manufacturing margin #VALUE! #VALUE! Less: Variable SG&A Contribution margin #VALUE! #VALUE! Less: Fixed expenses Income #VALUE! EVALUE!