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Requirement 1. Chicago's 2020 operating income using absorption costing is (a) $760,000, (b) $310,000, (c) $740,000, (d) $1,190,000, or (e) none of these. Show supporting calculations. a $0 balance, make sure to enter " 0 " in the appropriate cell.) Requirement 1. Chicago's 2020 operating income using absorption costing is (a) $760,000, (b) $310,000, (c) $740,000, (d) $1, Beain bv selectina the labels used in the absorntion costina calculation of oneratina income and enter the supporting amounts. absorption costing is (a) $760,000, (b) $310,000, (c) $740,000, (d) $1,190,000, or (e) none ing calculation of operating income and enter the supporting amounts. Perform the calculatio ell.) Absorption costing Cost of goods sold: Fixed costs: Operating costs: Variable costs: Operating income 1. Chicago's 2020 operating income using absorption costing is (a) $760,000, (b) $310,000, (c) $740,000, (d) $1,190,000, or (e) none of these. Show supporting calculations. 2. Chicago's 2020 operating income using variable costing is (a) $1,610,000, (b) $760,000, (c) $310,000, (d) $740,000, or (e) none of these. Show supporting calculations. Absorption costing Allocated fixed manufacturing costs Beginning inventory Contribution margin Cost of goods available for sale Deduct ending inventory Fixed manufacturing costs Fixed operating costs Gross margin Revenues Variable manufacturing costs Variable operating costs Chicago, Inc., planned and actually manufactured 260,000 units of its single product in 2020 , its first year of operation. Variable manufacturing cost was $24 per unit produced. Variable operating (nonmanufacturing) cost was $7 per unit sold. Planned and actual fixed manufacturing costs were $1,300,000. Planned and actual fixed operating (nonmanufacturing) costs totaled $430,000. Chicago sold 170,000 units of product at $43 per unit. Read the requirements. Requirement 1. Chicago's 2020 operating income using absorption costing is (a) $760,000, (b) $310,000, (c) $740,000, (d) $1,190,000, or (e) none of these. Show supporting calculations. Begin by selecting the labels used in the absorption costing calculation of operating income and enter the supporting amounts. Perform the calculations in this step, but select the correct operating income in the next step. (For amounts with a $0 balance, make sure to enter "0" in the appropriate cell.)