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 $900,000 $300,000 $250,000 $430,000 A. Prepare an income statement under absorption costing. Round to the nearest dollar. Sales Cost of Goods Sold Direct Materials $ Direct Labor $ Direct Materials A Direct Labor $ Variable Overhead Fixed overhead $ Cost of goods available for sale $ Ending Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Income