2. Summarized data for Pingu Co. for its first year of operations are: $5,000,000 1,800,000 1,500,000 Sales (100,000 units) Production costs (120,000 units) Direct material Direct labor Manufacturing overhead Variable Fixed Selling and administrative expenses Variable Fixed 900,000 300,000 260,000 440,000 a. Prepare an income statement under absorption costing b. Prepare an income statement under variable costing What is the reason for the difference in the amount of income from operations between (a) and (b)? c