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 2,112,000 Direct Labor 1,650,000 Manufacturing Overhead: Variable Fixed 990,000 264,000 Selling and Administrative Expenses: Variable Fixed 286,000 473,000 A. Prepare an income statement under absorption costing. Walrus Co. Absorption Costing Income Statement Cost of Goods Sold: