Absorption and variable costing income statements

During the first month of operations ended March 31, lceBox Fridgeration Company manufactured 46,000 mini retrigerators, of which 40,000 were sold, Operating data for the month are summarized as follows: Required: 1. Prepare an income stafernent based on the absarption costing concept. 2. Prepare an income statement based on the variable costing concept. 3. Explain the reason for the difference in the amount of operating income roported in (1) and (2). 1. Prepare an income statement based on the absorption costing concept. Income Statement instructions Variable Costing Income Statement IceBox Fridgeration Company Variable Costing Income Statement For the Month Ended March 31 \begin{tabular}{|l|l|l|} \hline 1 & Sales & $8,800,000.00 \\ \hline 2 & Variable cost of goods sold: \\ \hline 3 & Manufacturing margin \\ \hline 4 & Variable selling and administrative expenses \\ \hline 5 & \\ \hline 6 & & \\ \hline 7 & & \\ \hline 8 & & \\ \hline 12 & (Label) \\ \hline 10 & \\ \hline 11 & Cost of goods sold \\ \hline 13 & \\ \hline \end{tabular}