During the first month of operations ended March 31, 2016, Hip and Conscious Clothing Company produced 56,250 designer cowboy hats, of which 52,950 were sold. Operating data for the month are summarized as follows:

1	Sales		$794,250.00
2	Manufacturing costs:
3	Direct materials	$416,250.00
4	Direct labor	135,000.00
5	Variable manufacturing cost	61,875.00
6	Fixed manufacturing cost	56,250.00	669,375.00
7	Selling and administrative expenses:
8	Variable	$31,770.00
9	Fixed	26,475.00	58,245.00

During April, Hip and Conscious Clothing produced 49,650 designer cowboy hats and sold 52,950 cowboy hats. Operating data for April are summarized as follows:

1	Sales		$794,250.00
2	Manufacturing costs:
3	Direct materials	$367,410.00
4	Direct labor	119,160.00
5	Variable manufacturing cost	54,615.00
6	Fixed manufacturing cost	56,250.00	597,435.00
7	Selling and administrative expenses:
8	Variable	$31,770.00
9	Fixed	26,475.00	58,245.00

	Required:
1.	Using the absorption costing concept, prepare income statements for (a) March and (b) April.*
2.	Using the variable costing concept, prepare income statements for (a) March and (b) April.*