Absorption-Costing Income Statement Instructions Amount Descriptions COGS and Income State Instructions During the most recent year, Osterman Company had the following data: Units in beginning inventory - Units produced 11,400 Units sold ($47 per unit) 9,250 Variable costs per unit: Direct materials Direct labor Variable overhead Fixed costs: Fixed overhead per unit produced Fixed selling and administrative $8 $6 $3 $6 $137,500 Required: 1. Calculate the cost of goods sold under absorption costing. 2. Prepare an income statement using absorption costing. Refer to the list below for the exact wording of an amount description Amount Descriptions Contribution margin Cost of goods sold Gross margin Operating income Operating loss Sales Selling and administrative expenses 1. Calculate the cost of goods sold under absorption costing. The cost of goods sold under the absorption costing method is $ 2. Prepare an income statement using absorption costing. Refer to the list of Amount Descriptions for the ex income statement. 5 Osterman Company Absorption-Costing Income Statement For the Most Recent Year