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Grainger Company produces only one product and sels that product for $100 per unit. Cost information far the product is as foliows: Seling expenses are $4 per unit and are all variable. Administrative expenses of $24,000 are all fixed. Grainger produced 6,000 units; sold 4,800 ; and bad no begining inventory. A. Compute ner income under A Abiarption Costang 1 11. Variabie Costing B. Which costing method provide higher net income? Hy how much? The method provided more net income by 1 Summarized data for Walrus Co. for its first year of operations are: Selling and Administrative Expenses: A. Prepare an income statement under absorption costing. Cost of Goods Sold: B Prepare an income statement under the absorption method. If an amount box does not require an entry, leave it blank. Cost of Goods Available for Sale Ending Inventory Total Cost of Goods Sold Gross Profit Sales and Administrative Expenses: Variable Fixed Total Fixed Sales and Administrative Expenses v Net Operating Income v Prepare an income statement under the variable costing method. If an amount box does not require an entry, leave it blank Prepare a reconciliation between the two statements