Cool Car Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) Read the reguirements. Requirement 1. Prepare April and May 2020 income statements for Cool Car Motors under (a) variable costing and (b) absorption costing. \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ April 2020} & \multicolumn{2}{|c|}{ May 2020} \\ \hline Revenues & & $6,750,000 & & $13,095,000 \\ \hline \multicolumn{5}{|l|}{ Variable cost of goods sold: } \\ \hline Beginning inventory & 0 & & $1,350,000 & \\ \hline Variable manufacturing costs & 3,600,000 & & 3,375,000 & \\ \hline Cost of goods available for sale & 3,600,000 & & 4,725,000 & \\ \hline Deduct ending inventory & (1,350,000) & & (360,000) & \\ \hline Variable cost of goods sold & & 2,250,000 & & 4,365,000 \\ \hline Variable operating costs & & 950,000 & & 1,843,000 \\ \hline Contribution margin & & 3,550,000 & & 6,887,000 \\ \hline Fixed manufacturing costs & & 2,200,000 & & 2,200,000 \\ \hline Fixed operating costs & & 625,000 & & 625,000 \\ \hline Operating income & & S 725,000 & & \\ \hline \end{tabular} a label.) April 2020 6,750,000 \begin{tabular}{|r|} \hline \\ \hline 3,600,000 \\ \hline 2,200,000 \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} 13,095,000 Cost of goods sold: Eeginning inventory Variable manufacturing costs. Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Gross margin May 2020 0 Data table \begin{tabular}{|c|c|c|c|c|} \hline & A & & B & c \\ \hline 1 & & & April & May \\ \hline 2 & Unit data: & & & \\ \hline 3 & Beginning inventory & & 0 & 150 \\ \hline 4 & Production & & 400 & 375 \\ \hline 5 & Sales & & 250 & 485 \\ \hline 6 & Variable costs: & & & \\ \hline 7 & Manufacturing cost per unit produced & s & 9,000 & 9,000 \\ \hline 8 & Operating (marketing) cost per unit sold & & 3,800 & 3,800 \\ \hline 9 & Fixed costs: & & & \\ \hline 10 & Manufacturing costs & s & 2,200,000 & $2,200,000 \\ \hline 11 & Operating (marketing) costs & & 625,000 & 625,000 \\ \hline \end{tabular}