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 (70,000 units) $1,190,000 Variable cost of goods sold: Variable cost of goods manufactured (90,000 units x $12 per unit) $1,080,000 Less ending inventory (20,000 units $12 per unit) Variable cost of goods sold 840,000 Manufacturing margin $350,000 Variable selling and administrative expenses 13,000 Contribution margin 240.000 $337,000 Fixed costs: $31,500 22,000 53,500 $283,500 Fixed manufacturing costs Fixed selling and administrative expenses Income from operations a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar. 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 $283,500 with the absorption costing income from operations determined in (a). Reconciliation of Variable and Absorption Costing Income Variable costing income from operations Absorption costing income from operations Difference