During the first month of operations ended August 31, Koduk Frigeration Company manutactured 50,000 mini refrigerators, of which 44,000 were sold Operating data for the month are summarued as folows 50.200.000.00 Manufacturing costs: Direct materials SLS0000000 Director 1.200000.00 Variable manufacturing Cost 000000 Fedanfacturing cost 000 150.000 DO Sen and administrative perces # Variable $17000.00 152000.00 9000 ructions 1 Sales $9,240,000.00 2 Manufacturing costs: Direct materials $3,500,000.00 Direct labor 1,200,000.00 Variable manufacturing cost 850,000.00 Fixed manufacturing cost 600,000.00 6,150,000.00 7 Selling and administrative expenses: 8 Variable $572,000.00 352,000.00 9 Fixed 924,000.00 Required: 1. Prepare an income statement based on the absorption costing concept 2. Prepare an income statement based on the variable costing concept. 3. Explain the reason for the difference in the amount of income from operations reported in (1) and (2) *Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading A colon () will automatically appear if required Enter Inventory, August 31 as a negative number using a minus sign. Ia net loss is incurred, enter that amount as a negative number using a minus sign Labels and Amount Descriptions Labels August 31 Cost of goods sold Fixed costs For the Month Ended August 31 Variable cost of goods sold Amount Descriptions Contribution margin Contribution margin ratio Cost of goods manufactured Fixed manufacturing costs Fored selling and administrative expenses Gross profit Income from operations Inventory August 31 Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Labels and Amount Descriptions Amount Descriptions Contribution margin Contribution margin ratio Cost of goods manufactured Fixed manufacturing costs Fixed selling and administrative expenses Gross profit Income from operations 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 reading A . Prepare an income statement based on the absorpcon cosing concept Refer to the () will automatically appear if required Enter invertory, August as a negative number oth and Amount Descriptions for me exact wording of the choices for entres de sure to complete the ng aming an incurred enter at amount as a negative sumber ang aming Score: 51/08 Moda Fashion Company Absorption Costing income Statement For the Month Ended a t 31 5 .000.00 Corstof solit Cost of good manufactured TO I on 11 54.120,000.00 # Coro mount Desp 2. Prepare an income statement based on the cost concept Refer to the a (I will automatically appear treure Entertory, August 31 as a negative number ngang r e ed ording of eachoices or be sure to competentang con amounts an d erung aming m Seore: 10 Kodiak Fridgeration Company Variatie Casting income Statement For the Month Ended