During the first manth of operations ended August 31, Kodiak. Fridgeration Company manulactured 60,000 mini retrigerators, of which 72,000 were sold Operating data lor the month are summarized as follows: Aequired: 1. Prepure an ihcome statement based on the absorption costing concept. 2. Prepare an income statement based on the variable cosing concept. 3. Explain the rouson for the difference in the amount of operating income reported in (1) and (2). I: 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 wonding of the arnswer choices for text entries. A colon ( ) will automaticaly appesar if a is required. Enter amounts as posctive numbers unless the arnount is a calculation that resuts in a negative anount. For example: Net loss should be negative. 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2). "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 aulomatically appear if it is required. Enter amounts as positivo numbors uniess the amount is a calculation that resuits in a negative amount. For oxample: Net loss should be negative. Operating income Inventory, August 31 Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Selling and administrative expenses Total cost of goods sold Total fixed costs Total variable cost of goods sold Variable cost of goods manufactured Variable selling and administrative expenses Kodiak Fridgeration Company Score: 26/102 Variable Costing Income Statement (Label) 2. Frepure an income statement bused on the varlable costing concept. Be sure to complete the statement heading. Aefer to the fist of Labels and Amount Descriptions provided for the nouts in a negafive anount. For example: Not loss should be negative