Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc, manufactured 11,300 flat panel televisions, of which 10,600 were so month are summarized as follows: Sales $1,272,000 Manufacturing costs: Direct materials $632,800 Direct labor 192,100 Variable manufacturing cost 158,200 Fixed manufacturing cost 79,100 1,062,200 Selling and administrative expenses: Variable $106,000 Fixed 48,800 154,800 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorptic Ch 21 Problem Quiz Content Area For the ORCI CHUCU July 31 int Cost of goods sold: Cost of goods sold: ta 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Ch 21 Problem Quiz Content Area Variable cost d. I. Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold: Fixed costs: Ch 21 Problem Our Content Area 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2) The operating Income reported under costing exceeds the operating income reported under manufacturing costs that are deferred to a future month under costing costing, due to