Absorption-Costing Income Statement During the most recent year, Osterman Company had the following data: Units in beginning inventory 10,000 Units produced Units sold ($47 per unit) 9,300 Variable costs per unit: Direct materials $9 Direct labor $6 Variable overhead $4 Fixed costs: Fixed overhead per unit produced $5 Fixed selling and administrative $138,000 & Required: 1. Calculate the cost of goods sold under absorption costing. 2. Prepare an income statement using absorption costing. Enter amounts as positive numbers. Osterman Company Income Statement under Absorption Costing For the Most Recent Year Sales Less: Cost of goods sold Less: Variable cost of goods sold le Gross margin Contribution margin Less: Fixed overhead Less: Selling and administrative expense Operating income $ $