During the most recent year, Osterman Company had the Units in beginning inventory 10,350 Units produced Units sold ($45 per unit) 9,100 Variable costs per unit: Direct materials $10 $5 Direct labor $2 Variable overhead Fixed costs: Fixed overhead per unit produced $6 Fixed selling and administrative expenses $138,000 Required: 1. Calculate the cost of goods sold under variable costing. 2. Prepare an income statement using variable costing. Refer to the list below for the exact wording of a label or an amount description within your income statement. Labels Add: Fixed expenses Less: Fixed expenses Amount Descriptions Contribution margin Cost of goods sold Fixed overhead Fixed selling and administrative expenses Gross margin Operating income Operating loss Sales Variable costs 1. Calculate the cost of goods sold under variable costing. The cost of goods sold under the variable costing method is S 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 1 Sales 2 Less: Variable costs 3 Contribution margin 4Less: Fixed expenses Osterman Company Variable-Costing Income Statement For the Most Recent Year 5 Fixed overhead 6 Fixed selling and administrative expenses 7 Operating income