During the first month of operations ended July 31, YoSan Inc, manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: $2,150,000 Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed $960,000 420,000 156,000 288,000 1,824,000 $204,000 96,000 300,000 Instructions 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept. During the first month of operations ended July 31, YoSan Inc, manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: $2,150,000 Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed $960,000 420,000 156,000 288,000 1,824,000 $204,000 96,000 300,000 Instructions 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept