Summarized data for Walrus Co. for its first year of operations are:

Summarized data for Wairus Co. for its first year of operations are: $5,500,000 Sais (110,000 units) Production Costs (132,000 units): Direct Material 1,348,000 Direct Labor 1,650,000 Manufacturing Overhead: Variable 990,000 Fbced 254,000 Selling and Administrative Expenses: Variable 285,000 Fixed 434,000 A. Prepare an income statement under absorption costing 5,500,000 Walrus Co. Absorption Costing Income Statement Service Revenue Cost of Goods Sold: Direct Material Direct Labor Variable Overhead Fixed Overhead Ending Inventory Variable costs Gross Profit Selling and Administrative Expenses Net Income B. Prepare an income statement under variable costing Walrus Co. Variable Costing Income Statement Service Revenue Variable Cost of Goods Sold: Direct Material Direct Labor Variable Overhead Variable costs Total Variable Cost of Goods Sold Variable Selling Expenses Contribution Margin Fixed Expenses: Fixed Manufacturing Overhead Sales Net Income