Summarized data for Walrus Co. for its first year of operations are: Sales (90,000 units) Production Costs (108,000 units): Direct Material: Direct Labor Manufacturing Overhead: Variable Fixed Selling and Administrative Expenses: Variable Fixed Sales Cost of Goods Sold Direct Material $5,400,000 234,000 396,000 A. Prepare an income statement under absorption costing. 1,512,000 1,350,000 Walrus Co. Absorption Costing Income Statement Variable Cost of Goods Sold 756,000 270,000 Check My Work B. Prepare an income statement under variable costing. Walrus Co. Variable Costing Income Statement Previous Next