During the first month of operations ended March 31, IceBox Fridgeration Company manufactured 48,000 mini refrigerators, of which 44,000 were sold. Operating data for the month are summarized as follows: 1 Sales 2 Manufacturing costs: Direct materials $8,800,000.00 $3,360,000.00 4 Direct labor 1,344,000.00 5 Variable manufacturing cost 816,000.00 6 Fixed manufacturing cost 528,000.00 6,048,000.00 Instructions Fixed manufacturing cost 528,000.00 6,048,000.00 7 Selling and administrative expenses: 8 Variable $528,000.00 9. Fixed 352,000.00 880,000.00 Required: 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept. 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2). 1 2 (Label) 3 4 S 6 IceBox Fridgeration Company Absorption Costing Income Statement (Label) 1 2 (Label) m 4 5 S 9 (Label) 1 2 (Label) 3 4 5 6. IceBox Fridgeration Company Variable Costing Income Statement (Label) Variable Costing Income Statement 5. 6 7 8 9 (Label) 10 11 12 13 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2). The Operating income reported under costing, due to costing. costing exceeds the Operating income reported under manufacturing costs that are deferred to a future month under