CCT ACCT ACCT 1 ACCT Ceng: 1 ACCT|1 ACCT & CX Q Sales C Sales @ Learn @ Brows| Brows 203 Settin + engagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inpr... A Si Absorption and variable costing income statements Instructions Labels and Amount Descriptions Instructions X During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 40,000 mini refrigerators, of which 36,000 were sold. Operating data for the month are summarized as follows: Sales $8,280,000.00 2 Manufacturing costs: 5 Direct materials $2.800.000.00 Direct labor 1,200,000.00 5 Variable manufacturing cost 800,000.00 6 Fixed manufacturing cost 440,000.00 5.240,000.00 7 Selling and administrative expenses: 8 Variable $540,000.00 9 Fixed 216,000,00 756,000.00 PreviousACC ACCT ACCT| ACCT - Ceng n ACCT| ACCT( 2 C X Sales C Sales P Learn P Brows| Brows to Settin cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inpr... A Instructions X Labels and Amount Descriptions X Absorption Costing Income Statement 1. Prepare an income statement based on the absorption costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon ( ) will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Kodiak Fridgeration Company Absorption Costing Income Statement (Label) A... 1 T.... 2 (Label) 3 Previous Check My Work All work saved. Save and Exit Submit Assignment forTO @ ACCT ACCT @ ACCT Ceng: 1 ACCT ACCT & CX Q Sales C Sales P Learn P Brows Brows 503 Settin + gagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inpr... A Sign Instructions X Labels and Amount Descriptions X Absorption Costing Income Statement X Kodiak Fridgeration Company Absorption Costing Income Statement (Label) 1 2 (Label) ON 8 Previous Check My Work Exit Submit Assignment for GradiACCT 1 ACCT ACCT Ceng: 1 ACCT( 1 ACCT( C X Q Sales C Sales P Learn P Brows P Brows 3 Settin + ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inpr... A . 16 Sign in Instructions Labels and Amount Descriptions Instructions X Labels and Amount Descriptions X Absorption Costing Income Statement X Variable Costing Income Statement X 2. Prepare an income statement based on the variable costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon ( ) will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example. Net loss should be negative. Kodiak Fridgeration Company Variable Costing Income Statement (Label) (Label) Previous Check My Work All work saved. Save and Exit Submit Assignment for GradingInstructions Labels and Amount Descriptions Instructions X Labels and Amount Descriptions X Absorption Costing Income Statement X Variable Costing Income Statement X 7 9 (Label) 10 11 12 13 Previous Check My Work Save and Exit Submit Assignment for Grad All work saved. SearchInstructions Labels and Amount Descriptions Instructions X Labels and Amount Descriptions X Absorption Costing Income Statement X X Variable Costing Income Statement X Final Question 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2). The Operating income reported under costing exceeds the Operating income reported under costing, due to manufacturing costs that are deferred to a future month under costing Previous Check My Work Submit Assignment for Grading All work saved. Save and Exit Search