Summarized data for Walrus Co. for its first year of operations are: $4,500,000 $1,850,000 $1,250,000 Sales (100.000 units) Production costs (120,000 units) Direct Materials Direct Labor Manufacturing overhead Variable Fixed Selling and administrative expenses Variable Fixed 5900,000 $300,000 5250,000 S430,000 A. Prepare an income statement under variable costing. Round to the nearest dollar. Sales Cost of Goods Sold $ Direct Materials $ Direct Labor $ Variable Overhead Direct Materials S Direct Labor s Variable Overhead $ Cost of goods available for sale IS Ending Inventory Variable Cost of Goods Sold $ Variable Selling Expense $ Contribution Margin Fixed Expenses $ Fixed Manufacturing Overhead $ $ Fixed Administrative Expenses $ Net Income