During the first month of operations ended July 31, YoSan Inc. manufactured 11,400 flat panel televisions, of which 10,500 were sold. Sales Manufacturing costs: $1,470,000 Direct materials $752,400 Direct labor 228,000 Variable manufacturing cost 193,800 Fixed manufacturing cost 91,200 1,265,400 Selling and administrative expenses: Variable $115,500 Fixed 53,100 168,600 Required: 1. 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 Cost of goods sold: Amount Amount 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Line Item Description Amount Amount Variable cost of goods sold: Fixed costs: DO 0000 00