a. Based on the data given, prepare a variable costing income statement for Procter & Gamble, assuming that the company maintained constant inventory levels during the period. The Procter & Gamble Company Variable Costing Income Statement (assumed) Line Item Description (in millions) Amount Amount 70,950 Sales Variable cost of products sold Manufacturing margin Variable marketing, administrative, and other expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed marketing, administrative, and other expenses Total fixed costs Operating income Feedback Variable Costing Income Statement The following data were adapted from a recent income statement of The Procter & Gamble Company (PG): Sales Operating costs: Cost of products sold (in millions) $70,950 $(35,250) Marketing, administrative, and other expenses (19,994) Total operating costs $(55,244) $15,706 Operating income Assume that the variable amount of each category of operating costs is as follows: Cost of products sold Marketing, administrative, and other expenses (in millions) $21,150 14,000 a. Based on the data given, prepare a variable costing income statement for Procter & Gamble, assuming that the company maintained constant inventory levels during the period. The Procter & Gamble Company Variable Costing Income Statement (assumed) (in millions)