The following data pertains to questions 7 and 8. The following information is available for the most recent period at McConnell Company, which produces a single product: 2,000** Units in beginning inventory Units produced 98,000 Units sold 100,000 Selling price per unit $55 Direct materials $11.50 per unit $12.50 per unit Direct labor $5 per unit $612,500 per year Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expense Fixed selling and administrative $2 per unit $565,000 per year. expense **Assume unit costs for beginning inventory are the same as units produced in the most recent period. What was operating income for the period under absorption costing? What was operating income for the period under absorption costing? O $1,197,500 0 $1,210,000 O $1,222,500 O $1,235,000 O None of the above What was operating income for the period under variable costing? O $1,197,500 0 $1,210,000 O $1,222,500 O $1,235,000 O None of the above