Cool Ride 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.) The selling price per vehicle is $21,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 400 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 "0" for any zero balance accounts.) April 2020 May 2020 Revenues Variable cost of goods sold: Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Data Table A B 1 April May 2 Unit data: 3 0 100 Beginning inventory Production 4 400 325 5 Sales 300 395 6 Variable costs: 7 $ 9,500 $ 9,500 Manufacturing cost per unit produced Operating (marketing) cost per unit sold 8 2,400 2,400 9 Fixed costs: 10 $ 2,000,000 $ 2,000,000 Manufacturing costs Operating (marketing) costs 11 625,000 625,000 Requirements 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