Summarized data for Walrus Co. for its first year of operations are: Sales (90,000 units) $5,400,000 Production Costs (108,000 units): Direct Material 1,728,000 Direct Labor 1,296,000 Manufacturing Overhead: Variable 810,000 Fixed 216,000 Selling and Administrative Expenses: Variable 234,000 Fixed 396,000 A. Prepare an income statement under absorption costing. Walrus Co. Absorption Costing Income Statement Sales Cost of Goods Sold: Direct Material Direct Labor Variable Overhead Fixed Overhead Ending Inventory Total Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Loss X B. Prepare an income statement under variable costing. Walrus Co. Variable Costing Income Statement Sales Variable Cost of Goods Sold: Direct Material Direct Labor Variable Overhead $ Ending Inventory Total Variable Cost of Goods Sold Variable Selling Expenses Contribution Margin Fixed Expenses: Fixed Manufacturing Overhead Q0 Fixed Administrative Expenses Net Income