VJ Toys started 2020 with no inventories. During the year, their expected and actual production was 28,000 units, of which they sold 22,400 units at $60 each. Cost data for the year is as follows: (Click the icon to view the cost data.) Calculate VJ Tovs' operating income under (1) variable costing, and (2) absorption costing. Explain why operating income differs under the two approaches. Revenues 5 1,344,000 Variable cost of goods sold 432,000 Variable marketing costs 142,500 Contribution margin S 769,500 Fixed marketing costs 79,100 Fixed manufacturing costs $ 347,200 343,200 Operating income Now calculate VJ Toys' operating income under (2) absorption costing. (If an input field is not used in the table, leave the input field empty; do not sele Operating income Data table Manufacturing costs incurred: Variable: Fixed: $ 540,000 $ 347,200 Marketing costs incurred: Variable: $ 142,500 Fixed: $ 79,100 Print Done