Direct materials: $7 per unif

direct labor: $9 per unit

variable overhead: $4 per unit

selling & manyfacturing costs per year: $100,000

selling & administrative costs variable: $85,000 per year

selling and administrative costs fixed:

$45,000 per year

selling price: $100 per unit

units sold: 7,500 units

units produced: 10,000 units

Prepare an income statement for the year using variable costing. Prepare an income statement for the year using variable costing. WALTMAN CO. Income Statement (Variable Costing) For Year Ended December 31 \begin{tabular}{|c|c|c|c|c|c|} \hline Sales & & & & $ & 750,000 \\ \hline \multicolumn{6}{|l|}{ Less: Variable expenses } \\ \hline Fixed overhead & & $ & 52,500 & & \\ \hline Variable selling and administrative expenses & & & 85,000 & & \\ \hline Variable cost of goods sold & & & 235,000 & & 372,500 \\ \hline Contribution margin & & & & & 515,000 \\ \hline \multicolumn{6}{|l|}{ Less: Fixed expenses } \\ \hline Fixed overhead & & & 100,000 & & \\ \hline Fixed selling and administrative costs & & & 45,000 & & \\ \hline Variable cost of goods sold & & & & & 145,000 \\ \hline & & & & $ & 370,000 \\ \hline \end{tabular} Fixed overhead Fixed selling and administrative costs Req 2 Sales Variable cost of goods sold Variable selling and administrative expenses