Show all your calculations The following information are obtained from Time Company's first year of production. Time Company uses Budgeted production as denominator (allocation base) for allocating overhead. Selling price Direct materials Direct manufacturing labor Variable manufacturing costs Sales commissions Fixed manufacturing costs Administrative expenses, all fixed Budgeted production Actual production Units sold $150 per unit $40 per unit $11.5 per unit 53.50 per unit $14 per unit sold $950,000 $194,000 40,000 units 38,000 Units 36,000 units Time Company uses variable costing. Calculate the following for Time company. 1- Inventoriable costs. 2- Cost of goods sold 3- Ending inventory 4. Operating income 5- Fixed manufacturing costs expensed