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During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed $617,400 186,200 156,800 78,400 $100,100 46,000 $1,228,500 1,038,800 146,100 Required 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept.