The following information has been provided by New Beginnings Inc. for the first quarter of the current year:

 16,700    18,200    14,600 

 Additional data:

a. On January 1, there were 3,000 units on hand.

b. Fixed overhead cost is $4.00 per unit and is applied to units of product on the basis of a production volume of 15,000 units per month. Costs of goods sold is adjusted for any overapplied or underapplied fixed manufacturing overhead.  

Required:

Prepare quarterly income statements using first Absorption Costing and then Variable Costing, in good form please