variable and Absorption Costing Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2: (in millions) Sales $16,720 Cost of goods sold $14,210 Selling, administrative, and other expenses 1,500 Total expenses $15,710 Income from operations $1,010 Assume that there were $3,640 million fixed manufacturing costs and $830 million fixed selling, administrative, and other costs for the year. The finished goods inventories at the beginning and end of the year from the balance sheet were as follows: January 1 $1,990 million December 31 $2,320 million Assume that 20% of the beginning and ending inventory consists of fixed costs. Assume work in process and materials inventory were unchanged during the period.a. Prepare an income statement according to the variable costing concept for Ansara Company for 20Y2. Ansara Company Variable Costing Income Statement For the Year Ended December 31, 20Y2 (in millions) Sales Variable cost of goods sold: Beginning inventory Variable cost of goods manufactured Ending inventory Total variable cost of goods sold Manufacturing margin 08010 Variable selling and administrative expenses V Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses V Total fixed costs Income from operations Feedback Check My Work