During the most recent year, Osterman Company had the following data:

Units in beginning inventory	---
Units produced	11,350
Units sold ($50 per unit)	9,400
Variable costs per unit:
Direct materials	$10
Direct labor	$5
Variable overhead	$3
Fixed costs:
Fixed overhead per unit produced	$4
Fixed selling and administrative expenses	$138,500
1. Calculate the cost of goods sold under variable costing. The cost of goods sold under the variable costing method is ______ 2. Prepare an income statement using variable costing. Refer to the list of Labels and Amount Descriptions for the exact wording of text items within your income statement.