Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2: 1 2 Sales 3 Cost of goods sold 4 Selling, administrative, and other expenses S Total expenses 6 Income from operations (in millions) $18,838.00 $15,495.00 2,002.00 $17.497.00 $1,341.00 Assume that there were $3,804 million fixed manufacturing costs and $1,166 million fixed selling, administrative, and other costs for the year. The finished goods inventories at the beginning and end of the year from the balance sheet were as follows: January 1 December 31 $2,364 million $2,446 million Assume that 30% of the beginning and ending inventory consists of fixed costs. Assume work in process and materials inventory were unchanged during the period. Required: a. Prepare an income statement according to the variable costing concept for Ansara Company for 2012. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon automatically appear if required. Enter ending inventory as a negative number using a minus sign. If a net loss is incurred, enter inat amount as a negative number using a minus sign. Round to the nearest million. b. Explain the difference between the amount of income from operations reported under the absorption coating and variable costing concepts Labels Fixed costs For the Year Ended December 31, 20Y2 (in millions) December 31, 20Y2 (in millions) Labels and Amount Descriptions Amount Descriptions Beginning inventory Contribution margin Contribution margin ratio Ending inventory Fixed manufacturing costs Fixed selling and administrative expenses Income from operations Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Total fixed costs Total variable cost of goods sold Variable cost of goods manufactured Variable cost of goods sold Variable selling and administrative expenses Prepare an income statement according to the variable costing concept for Ansara Company for 2012. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer hoices for text entries. Be sure to complete the statement heading. A colon () will automatically appear if required. Enter ending inventory as a negative number using a minus sign. If a net loss is ncurred, enter that amount as a negative number using a minus sign. Round to the nearest million. 1 2 ck My Work Ansara Company Variable Costing Income Statement (assumed) (Label) Previous Next 6 7 8 9 10 (Label) 11 12 13 14