Varablesand Absorption Costing The following data were adapted from a recent income statement of caterplliar Ihe. (CaT) for the yoar ended December 31 : Assume that 55,780 miltion of cost of goods sold and 51,310 mullon of selling, administrative, and other expenses werie fixed costi. thventanies at the beginining anid enit of the year were as foliews: Aso, astume that 20% of the beginning and ending inventories were fixed costs. a. Prepare an income statement according to the variable costing concept for Caterpliar Ine. Round numbers to nearest mikien. Caterpiliar Inc. Variable Costing Income statement (assumed)