(b) Prepare April and May 2020 income statements for Cool Ride Motors under absorption costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Enter a "0" for any zero balance accounts. Label any variances as favorable (F) or unfavorable (U). If an account does not have a variance, do not select a label) Revenues Cost of goods sold Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Cost of goods sold Variable operating costs Contribution margin Operating income April 2020 May 2020 mewor Cool F Adjustment for production-volume variance (C Allocated fixed manufacturing costs 4, E9-21 (similar to) Part 3 of 8 HW Score: 77 Points: 2 c ndard costing. Actual data relating to April and May 2020 are as foll Beginning inventory Contribution margin 2,125,000 4,122,500 Varial 950,000 1,843,000 Contr Cost of goods available for sale 3,675,000 7,129,500 Fixed Cost of goods sold 2,400,000 2,400,000 Fixed Deduct ending inventory Oper Fixed manufacturing costs (b) Pre portion Fixed operating costs 675,000 $ 600,000 lotors under absorption costing. Complete the top half of the income sta nces as favorable (F) or unfavorable (U). If an account does not have a 675,000 $ 4,054,500 April 2020 May 2020 Revel Gross margin Cost Operating income Revenues Variable manufacturing costs Variable operating costs Variable operating costs Contribution margin Operating income Data table 1 2 Unit data: A B C April May 3 Beginning inventory 4 Production 5 Sales 0 150 400 375 250 485 6 Variable costs: 7 Manufacturing cost per unit produced $ 8,500 $ 8,500 8 Operating (marketing) cost per unit sold 3,800 3,800 9 Fixed costs: 10 Manufacturing costs $ 2,400,000 $ 2,400,000 11 Operating (marketing) costs 675,000 675,000 Print Done