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 10,400 were sold. Operating data for the month are summarized as follows: Sales $1,456,000 Manufacturing costs: Direct materials $745,800 Direct labor 226,000 Variable manufacturing cost 192,100 Fixed manufacturing cost 90,400 1,254,300 Selling and administrative expenses: Variable Fixed $114,400 52,600 167,000 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: