Watkins Inc Income Statement For the Year ended December 31, 2010 Sales (@ $50) 250,000 COGS 120,000 Gross Margin 130,000 Less selling & admin Variable selling 75,000 Fixed selling 10,000 Fixed admin exp 15,000 100,000 Net Income $30,000 Watkins manufactures and distributes watches. In 2010, the company produced 6,000 watches. Annual fixed manufacturing overhead was $18,000. What is the value of ending inventory using variable costing? $___________________ and How much is variable costing net income? $_____________