Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 8,800 flat panel televisions, of which 8,200 were sold. Operating data for the month are summarized as follows: $1,107,000 Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed $554,400 167,200 140,800 70,400 932,800 $90,200 41,500 131,700 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: 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