Absorption costing Income statement On June 30, the end of the first month of operations, Tudor Manufacturing Co, prepared the following income statement, based on the variable costing concept: Sales (425,000 units) $7,615,000 Variable cost of goods sold: Variable cost of goods manufactured (500,000 units x $14 per unit) $7,000,000 Less ending inventory (75,000 units * $14 per unit) 1,050,000 Variable cost of goods sold 5,950,000 Manufacturing margin $1,665,000 Variable selling and administrative expenses 75,000 Contribution margin $1,590,000 Fixed costs: Fixed manufacturing costs $150,000 69,000 219,000 Fixed selling and administrative expenses Income from operations $1,371,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below X 00 Open spreadsheet Tudor Manufacturing Co. Income Statement-Absorption Costing For the Month Ended June 30 Cost of goods sold: Income from operations b. Reconcile the variable costing income from operations of $1,371,000 with the absorption costing income from operations determined in (o). Round your answers to the nearest dollar Reconciliation of Variable and Absorption Costing Income Variable costing income from operations Absorption costing income from operations Difference