Instructions During the most recent year, Osterman Company had the following data: Units in beginning inventory Units produced 10,250 9,050 Units sold ($49 per unit) Variable costs per unit: Direct materials Direct labor $8 $5 Variable overhead $3 Fixed costs: Fixed overhead per unit produced $5 Fixed selling and administrative $138,000 Required: 1. Calculate the cost of goods sold under absorption costing. 2. Prepare an income statement using absorption costing. Amount Descriptions x Refer to the list below for the exact wording of an amount description within your income statement Amount Descriptions Contribution margin Cost of goods sold Gross margin Operating income Operating loss Sales Selling and administrative expenses COGS and Income Statement 1. Calculate the cost of goods sold under absorption costing. The cost of goods sold under the absorption costing method is $ 2. Prepare an income statement using absorption costing. Refer to the list of Amount Descriptions for the exact wording of text items within your income statement. Osterman Company Absorption-Costing Income Statement For the Most Recent Year 1 2 3 4 5