Summarized data for Walrus Co. for its first year of operations are: Sales (90,000 units) $4,500,000 Production Costs (108,000 units): Direct Material 1,620,000 Direct Labor 1,350,000 Manufacturing Overhead: Variable Fixed 756,000 270,000 Selling and Administrative Expenses: Variable Fixed 234,000 387,000 A. Prepare an income statement under absorption costing. Walrus Co. Absorption Costing Income Statement Cost of Goods Sold: