The external funancial statements published by publicly traded companies are based on absorption cost accounting. As a consequence, it is very difficult to gain an understanding of the relative composition of the companies' fixed and variable costs. It is possible, however, to learn about a company's sales mix and the relative profitability of its various divisions. This exercise looks at the financial statements of FedEx Corporation. Go to the FedEx website to access the company's 2020 annual report and then use it to answer the following questions. (b) Page 73 of the report lists the operating expenses of FedEx Ground. Assuming that rentals, depreciation, and "other" are all foxed costs, prepare a variable costing income statement for 2020 . The external financial statements published by publicly traded companies are based on absorption cost accounting. As a consequence. it is very difficult to gain an understanding of the relative composition of the companies' fixed and variable costs. It is possible, however, to learn about a company's sales mix and the relative profitability of its various divisions. This exercise looks at the financial statements of FedEx Corporation. Go to the FedEx website to access the company's 2020 annual report and then use it to answer the following questions. (b) Page 73 of the report lists the operating expenses of FedEx Ground. Assuming that rentals, depreciation, and "other" are all foced costs, prepare a variable costing income statement for 2020 . Question 4 of 6