Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 10,000 flat panel televisions, of which 9,200 were sold. Operating data for the month are summarized as follows: Sales $1,288,000 Manufacturing costs: Direct materials $660,000 Direct labor 200,000 Variable manufacturing cost 170,000 Fixed manufacturing cost 80,000 1,110,000 Selling and administrative expenses: Variable $101,200 Fixed 46,600 147,800 Required: 1. Prepare an income statement based on the absorption costing concept. Yosan Inc. Absorption Costing Income Statement For the Month Ended July 31 Cost of goods sold: 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold: Fixed costs