Polk Company

Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.

Variable Cost per Unit:
Direct materials $7.58
Direct labor $2.47
Variable manufacturing overhead $5.81
Variable selling and administrative expenses $3.94
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Fixed Costs per Year:
Fixed manufacturing overhead $236,550
Fixed selling and administrative expenses $242,501
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Polk Company sells the fishing lures for $25.25. During 2012, the company sold 80,700 lures and produced 95,000 lures.

Prepare a variable costing income statement for 2012

POLK COMPANY
Income Statement
For the Year Ended December 31, 2012
Variable Costing

Prepare an absorption costing income statement for 2012.

Need single correct expense here from the below list and amount
(Administrative Expenses;
Contribution margin;
Cost of goods sold
Fixed manufacturing overhead;
Fixed selling and administrative expenses;
Gross profit;
Net Income (/Loss);
Sales;
Total Fixed Expenses;
Total Variable Expenses;
Variable cost of goods sold;
Variable selling and administrative expenses) and amount