3imarized an follow. ng August, Western Creations produced 47,300 designer cowboy hats and sold 51,150 cowboy hats Operating data for August are summarued as follows. 1. Using the absorption costing concept, prepare income statements for (a) July and (b) August " 2 Using the variable costing concept, prepare income statements for (a) July and (b) August." 3a Explain the reason for the differences in the amount of income from operations in (1) and (2) for July 3b. Explain the reason for the differences in the amount of income from operations in (1) and (2) for August 4. Based on your answers to (1) and (2), did Westem Creations Company operate more profifably in July or in August? Explan "Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for fext entries Be sure fo complete statement heading A colon () will automatically appear if required. Enter inventory, July 31 as a negative number using a minus sign loss is incurred, enter that amount as a negative number using a minus sign. 3imarized an follow. ng August, Western Creations produced 47,300 designer cowboy hats and sold 51,150 cowboy hats Operating data for August are summarued as follows. 1. Using the absorption costing concept, prepare income statements for (a) July and (b) August " 2 Using the variable costing concept, prepare income statements for (a) July and (b) August." 3a Explain the reason for the differences in the amount of income from operations in (1) and (2) for July 3b. Explain the reason for the differences in the amount of income from operations in (1) and (2) for August 4. Based on your answers to (1) and (2), did Westem Creations Company operate more profifably in July or in August? Explan "Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for fext entries Be sure fo complete statement heading A colon () will automatically appear if required. Enter inventory, July 31 as a negative number using a minus sign loss is incurred, enter that amount as a negative number using a minus sign