Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 8,600 flat panel televisions, of which 7,900 were sold. Operating data for the month are) summarized as follows: Sales $1,303,500 Manufacturing costs: Direct materials $670,800 Direct labor 197,800 Variable manufacturing cost 172,000 Fixed manufacturing cost Selling and administrative expenses: Variable 86,000 1,126,600 $102,700 Fixed 47,200 149,900 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: 10000