Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yo San Inc. manufactured 11,200 flat panel televisions, of which 10,500 were sold. Operating data for the month are summarized as follows: Sales $1,522,500 Manufacturing costs: Direct materials $761,600 Direct labor 224,000 Variable manufacturing cost 190,400 Fixed manufacturing cost 100,800 1,276,800 Selling and administrative expenses: $126,000 Fixed 58,000 184,000 Variable 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales 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