1. During the first month of operations ended January 31, Wardner Apparel produced 80,000 designer cowboy hats, of which 72,000 were sold. Operating data for the month are summarized as follows: Dollar Amount Subtotals/Totals $4,560,000 Category Sales Manufacturing Costs: Direct Materials Direct Labor Variable Manufacturing Costs Fixed Manufacturing Costs Total Manufacturing Costs $1,500,000 1,480,000 220,000 420,000 3,620,000 Selling and Admin Expenses: Variable Fixed Total Selling and Admin Expenses 144,000 35,000 179,000 During August, Wardner Apparel produced 64,000 designer cowboy hats and sold 72,000 cowboy hats. Operating data for February are summarized as follows: Dollar Amount Subtotals/Totals $4,560,000 Category Sales Manufacturing Costs: Direct Materials Direct Labor Variable Manufacturing Costs Fixed Manufacturing Costs Total Manufacturing Costs 1,350,000 1,200,000 190,000 420,000 3,160,000 Selling and Admin Expenses: Variable Fixed Total Selling and Admin Expenses 144,000 35,000 179,000 a. Using absorption costing, prepare income statements for (i) January and (ii) February. b. Using variable costing, prepare income statements for (i) January and (ii) February. C. Explain the reason for the differences in the amount of income from operations in (a) and (b) for January. d. Explain the reason for the differences in the amount of income from operations in (a) and (b) for February. e. Based on your answers to (a) and (b), did Wardner Apparel operate more profitably in January or in February? Explain