it is Variable costing!

Instructions The following data were adapted from a recent income statement of Procter & Gamble Company: (in millions) 2 Sales $84,349.00 3 Operating costs: 4 Cost of products sold $42,519.00 5 Marketing, administrative, and other expenses 30,400.00 6 Total operating costs $72,919.00 7 Income from operations $11,430.00 1 (in millions) 2 Cost of products sold $23,755.00 3 Marketing, administrative, and other expenses 12,125.00 Required: a. Based on the data given, prepare a variable costing income statement for Procter & Gamble Company, assuming that the company maintained constant inventory levels during the period. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign. b. If Procter & Gamble reduced its inventories during the period, what impact would that have on the income from operations determined under absorption costing? a. Based on the data given, prepare a variable costing income statement for Procter & Gamble Company, assuming that the company maintained constant inventory levels during the period. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. If a net loss is incurred, enter that amount as'a negative number using a minus sign. Procter & Gamble Company Variable Costing Income Statement (assumed) (in millions) 2 (in millions) 1 2 3 4 5 6 (Label) 7 8 9 10 Labels and Amount Descriptions Labels Fixed costs Amount Descriptions Contribution margin Contribution margin ratio Fixed manufacturing costs Fixed marketing, administrative, and other Income from operations Loss from operations Manufacturing margin Planned contribution margin Sales that have on the income from operations determine Labels and Amount Descriptions TIACU Hai Tu autuilly custo Fixed marketing, administrative, and other expenses Income from operations Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Total fixed costs Variable cost of products sold Variable marketing, administrative, and other expense that have on the income from operations determined under at