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 $22,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 700 units. There are no price, officiency, or spending varlances. 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 () 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 "o 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 Varisha cast of mandis old April 2020 May 2020 Revenues Variable cost of goods sold Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Foed operating costs Operating income search o 0 + 989 62'F Raining now 1:45 PM 10/20/2021 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 522,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 700 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 Apeli and May 2020 income statements for Cool Ride Motors under (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 Varishi tomonds and Adjustment Tor production-Volume vanance A Q Allocated fixed manufacturing costs Beginning inventory stai Contribution margin rodt Le is Cost of goods available for sale Deduct ending inventory Fixed manufacturing costs U TO Fixed operating costs April Gross margin Operating income Revenues Variable cost of goods sold Variable manufacturing costs Fixed operating costs Operating income Variable cost of goods sold Variable manufacturing costs Fixed operating costs Data Table A B C 1 April May 2 Unit data: 3 Beginning inventory 0 50 4 Production 700 675 5 Sales 650 705 6 Variable costs: 7 GA 9,500 $ 9,500 Manufacturing cost per unit produced Operating (marketing) cost per unit sold 8 2,000 2,000 9 Fixed costs: 10 Manufacturing costs Operating (marketing) costs $ 2,100,000 $2,100,000 675,000 675,000 11 Print Done