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. CDI 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 $ 1,458,000 Variable cost of goods sold 472,500 Variable marketing costs 126,800 X Contribution margin $ 858,700 Data table Fixed marketing costs 68,200 345,600 Fixed manufacturing costs 444,900 Manufacturing costs incurred: Operating income Variable: $ 525,000 Now calculate KM Toys' operating income under (2) absorption costing. Fixed: $ 345,600 t a label or enter a zero.) Marketing costs incurred: Variable $ 126,800 Fixed: $ 68,200 Print Done Operating income