Instructions During the most recent year, Osterman Company had the following data: Units in beginning inventory Units produced Units sold ($49 per unit) 10,400 9,200 Variable costs per unit: $12 Direct materials $6 Direct labor $3 Variable overhead Fixed costs: $4 Fixed overhead per unit produced Fixed selling and administrative expenses $139,000 Required: 1. Calculate the cost of goods sold under variable costing. 2. Prepare an income statement using variable costing. Labels and Amount Descriptions 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 COGS and Income Statement 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 Osterman Company Variable-Costing Income Statement For the Most Recent Year 1 2 3 (Label) 5 6 7