During the first month of operations ended fuly $31,$ YoSan Inc. manufactured $10,300$ flat panel televisions, of which $9,500$ were sold. Operating data for the mohth are summarized as follows:

Sales

$$1,330,000$

Manufacturing costs:

Direct materials

Direct labor

Variable manufacturing cost

Fixed manufacturing cost

Selling and administrative expenses:

Variable

Fixed

$$104,500$

$48,100$

$152,600$

Required:

Prepare an income statement based on the absorption costing concept.

YoSan Inc.

Absorption Costing Income Statement

For the Month Ended July $31$

Line Item Description Amount Amount

Cost of goods sold:

Total cost of goods sold

Gross profit

Selling and administrative expenses

Operating income

Feedback

Theck My Work

Sales $-($cost of goods manufactured $-$ ending inventory$*)=$ Gross profit; gross profit $-$ selling and administrative expenses $=$ operating income

$*($Manufactured Units $-$ Sold units$)$ x $($total manufacturing costs$/$manufactured units$)$

Prepare an income statement based on the variable costing concept.

YoSan Inc.

Variable Costing Income Statement

For the Month Ended July $31$

$\backslash$table$[[$Line Item Description$],[$Variable cost of goods sold:$],[$Variable cost of goods manufactured $$