Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 12,500 flat panel televisions, of which 11,600 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: $1,508,000 Direct materials $762,500 Direct labor 225,000 Variable manufacturing cost 200,000 Fixed manufacturing cost 100,000 1,287,500 Selling and administrative expenses: Variable $116,000 Fixed 53,400 169,400 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Amount Amount 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 Line Item Description Amount Amount QQ 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Line Item Description Amount Amount Variable cost of goods sold: Fixed costs: DO costing exceeds the operating income reported under costing, due to manufacturing costs that are deferred to a future month under 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2). The operating income reported under costing