KM Toys started 2020 with no inventories. During the year, their expected and actual production was 27,000 units, of which they sold 24,300 units at $60 each. Cost data for the year is as follows: (Click the icon to view the cost data.) Calculate KM Toys' operating income under (1) variable costing, and (2) absorption costing. Explain why operating income differs under the two approaches. Begin by calculating KM Toys' operating income under (1) variable costing. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Revenues Variable cost of goods sold Data table Variable marketing costs Contribution margin $ 525,000 Manufacturing costs incurred: Variable: Fixed: Marketing costs incurred: $ 345,600 Operating income Variable: $ 126,800 Fixed: $ 68,200