F8 A B C D Summarized data for Walrus Co. for its first year of operations are: N Sales (100,000 units) $5,000,000 Production costs (120,000 units) Direct material 1,800,000 Direct labor 1,500,000 Manufacturing overhead Variable 900,000 Fixed 300,000 Selling and administrative expenses Variable 260,000 Fixed 440,000 10 Prepare an income statement under absorption costing 12 Prepare an income statement under variable costing 13