Summarized data for Walrus Co. for its first year of operations are: Sales (110,000 units) $5,500,000 Production Costs (132,000 units):       Direct Material 2,112,000     Direct Labor 1,584,000 Manufacturing Overhead:       Variable 924,000     Fixed 330,000 Selling and Administrative Expenses:       Variable 275,000     Fixed 473,000 A. Prepare an income statement under absorption costing. B. Prepare an income statement under variable costing.

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