Variable Costing Income Statement The following data were adapted from a recent income statement of The Procter & Gamble Company (PG): (in millions) $65,058 Sales Operating costs: Cost of products sold $(32,535) (18,568) Marketing, administrative, and other expenses Total operating costs $(51,103) Operating income $13,955 Assume that the variable amount of each category of operating costs is as follows: (in millions) Cost of products sold Marketing, administrative, and other expenses $19,500 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) Fixed costs