Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSon The manufactured 10,800 flat panel televisions, of which 9,900 were sold. Operating data foc the month are summarized as follows: Sales $1,237.500 Manufacturing costs: Direct materials $537,200 Direct labor 194,400 Variable manufacturing cost 162.000 Fixed manufacturing cost 86,400 1,000,000 Selling and administrative expenses Vanable $99,000 Fixed 45,500 144,500 Required: 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 Cost of goods manufactured Inventory Total cost of goods sold Gross profit Selling and administrative expenses III Operating income Print item eBook Show Me How Inventoryuly 31 Total cost of goods sold Gross profit Selling and administrative expenses Operating income Feedback Checky Work 1. Sales - cost of goods manufactured - ending inventory *) = Gross profit; gross profit - selling and administrative expenses - operating income "(Manufactured Units - Sold units) x (total manufacturing costs/manufactured units) 2. Prepare an income statement based on the variable costing concept. Yosan Inc. Variable Costing Income Statement For the Month Ended July 31 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory_uly 31 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Vanato COSTING Income Statement For the Month Ended July 31 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income OJOJ Feedback Check My Work