Variable Costing Income Statement The following data were adapted from a recent income statement of The Procter & Gamble Company (PG): Sales Operating costs: (in millions) $70,950 Cost of products sold $(35,250) Marketing, administrative, and other expenses (19,994) Total operating costs $(55,244) $15,706 Operating income Assume that the variable amount of each category of operating costs is as follows: Cost of products sold Marketing, administrative, and other expenses (in millions) $21,150 14,000 a. Based on the data given, prepare a variable costing income statement for Procter & Gamble, assuming that the company maintained constant inventory levels during the period. The Procter & Gamble Company Variable Costing Income Statement (assumed) (in millions) Line Item Description Amount Amount Cost of products sold $21,150 Marketing, administrative, and other expenses 14,000 a. Based on the data given, prepare a variable costing income statement for Procter & Gamble, assuming that the company maintained constant inventory levels during the period. The Procter & Gamble Company Variable Costing Income Statement (assumed) (in millions) Line Item Description Amount Amount Sales 70,950 Fixed costs Operating income