SR Toys started 2020 with no inventories. During the year, their expected and actual production was 32,000 units, of which they sold 28,800 units at $50 each. Cost data for the year is as follows: (Click the icon to view the cost data.) Calculate SR Toys' operating income under (1) variable costing, and (2) absorption costing. Explain why operating income differs under the two approaches. Begin by calculating SR 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 Variable marketing costs Contribution margin Fixed manufacturing costs Fixed marketing costs Operating income Data table Variable: Manufacturing costs incurred: $ 490,000 Fixed: $ 345,600 Marketing costs incurred: Variable: Fixed: $ 156,300 $ 76,300 Print Done