Summarized data for Walrus Co. for its first year of operations are: $4,500,000 Sales (90,000 units) Production Costs (108,000 units): Direct Material 1,620,000 1,350,000 Direct Labor Manufacturing Overhead: Variable 756,000 270,000 Fixed Selling and Administrative Expenses: Variable 225,000 387,000 Fixed A. Prepare an income statement under absorption costing. Walrus Co. Absorption Costing Income Statement Cost of Goods Sold: B. Prepare an income statement under variable costing. Walrus Co. Variable Costing Income Statement Variable Cost of Goods Sold: Fixed Expenses