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

Summarized data for Walrus Co. for its first year of operations are: Sales (110,000 units) $5,500,000 Production Costs (132,000 units): Direct Material 1,848,000 Direct Labor 1,650,000 Manufacturing Overhead: Variable 990,000 Fixed 264,000 Selling and Administrative Expenses: Variable 286,000 Fixed 484,000 A. Prepare an income statement under absorption costing. Walrus Co. Absorption Costing Income Statement Cost of Goods Sold: B. Prepare an income statement under variable costing. Walrus Co. Variable Costing Income Statement Variable Cost of Goods Sold: * $ Fixed Expenses: $