Absorption Costing Income Statement Labels and Amount Descriptions On July 31, the end of the first month of operations, Del Ray Equipment Company prepared the following income statement, based on the variable costing concept Prepare an income statement under absorption costing. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Less"Plus* or colons ( will automatically appear if required. If a net oss is incurred, enter that amount as a negative number using a minus sign. Round your cost per unit answer to 2 decimal piaces & final answers to nearest whole dollar Labels For the Month Ended July 31, 2016 July 31, 2016 Amount Descriptions Contribution margin Cost of goods manufactured Cost of goods sold Ending inventory Fixed manufacturing costs Fixed selling and administrative expenses Gross profit Income from operations Loss from operations Manufacturing margin Sales Selling and administrative expenses Variable cost of goods manufactured Variable cost of goods sold Variable selling and administrative expenses Del Ray Equipment Company Variable Costing Income Statement For the Month Ended July 31, 2016 6,525,00000 1 Sales (45,000 unlts) 2 Variable st of goods sold: 3 Variable cost of goods manufactured 4 Less ending Inventory (15,000 units 5 Variable cast of goods sold 6 Manufacturing margin 7 Variable selling and administrative expenses 8 Contriburion margin 9 Fxed costs 10 Fixed manufacturing costs 11 Fixed selling and administative expenses 12 Income from operations Del Ray Equipment Company Absorption Costing Income Statement (Label) $3,600,000.00 900,000.00 2,70000000 3,825,00000 1,552,50000 2,272,50000 2Cost of goods sold: 549,000.00 81,000.00 1,030,000.00 1,24250000 Prepare an income statement under absorption costing. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. "Less" "Plus" or colons (:) will automatically appear if required. If a net loss is incurred, enter that amount as a negative number using a minus sign. Round your cost per unit answer to 2 declmal places & final answers to nearest whole doliar