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: Units in beginning 2,000** inventory Units produced 98,000 Units sold 100,000 Selling price per unit $55 Direct materials $11.50 per unit Direct labor $12.50 per unit Variable manufacturing $5 per unit overhead Fixed manufacturing $612,500 per year overhead Variable selling and administrative expense $2 per unit Fixed selling and $565,000 per year administrative 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? O $1,197,500 O $1,210,000 $1,222,500 O $1,235,000 O None of the above 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: Units in beginning 2.000** inventory Units produced 98,000 Units sold 100,000 Selling price per unit $55 Direct materials $11.50 per unit Direct labor $12.50 per unit Variable manufacturing $5 per unit overhead Fixed manufacturing $612,500 per year overhead Variable selling and $2 per unit administrative expense Fixed selling and $565,000 per year administrative 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 variable costing? O $1,197,500 O $1,210,000 O $1,222,500 O $1,235,000 None of the above