eBook Print tem Summarized data for Walrus Co. for its first year of operations are: Sales (100,000 units) $6,000,000 Production Costs (120,000 units): Direct Material 1,800,000 Direct Labor 1,440,000 Manufacturing Overhead: Variable Fixed 840,000 240,000 Selling and Administrative Expenses: Variable Fixed 260,000 440,000 A. Prepare an income statement under absorption costing. Sales Cost of Goods Sold: Direct Material Walrus Co. Absorption Costing Income Statement Direct Labor Variable Overhead Fixed Overhead 1,800,000 1,440,000 840,000 240,000 4320,000 Ending Inventory 6,000,000