Cool Ride Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: 3 Click the icon to view the data.) The selling price per vehicle is $27,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for Cool Ride Motors under (a) variable costing and (b) absorption costing (a) Prepare April and May 2020 income statements for Cool Ride Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "' for any zero balance accounts.) April 2020 May 2020 - X Data table A B 1 April May 2 Unit data: 3 3 0 100 Beginning inventory Production 4 500 475 5 Sales 400 550 6 Variable costs: $ $ 8,000 $ 8,000 2,400 2,400 Requirements 7 Manufacturing cost per unit produced 8 Operating (marketing) cost per unit sold 9 Fixed costs: 10 Manufacturing costs 11 Operating (marketing) costs $ 2,250,000 $2,250,000 675,000 675,000 1. Prepare April and May 2020 income statements for Cool Ride Motors under (a) variable costing and (b) absorption costing. 2. Prepare a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing. Print Done April 2020 May 2020 Adjustment for production-volume variance Allocated fixed manufacturing costs Beginning inventory Contribution margin Cost of goods available for sale Deduct ending inventory Fixed manufacturing costs Fixed operating costs Gross margin ome statements for Cool Ride Motors under prption costing. on and explanation of the difference between h under variable costing and absorption Operating income Revenues Variable cost of goods sold Variable manufacturing costs Done Variable operating costs