During the first month of operations ended March 31. IceBox Fridgeration Company manufactured 40.000 mini refrigerators, of which 35.000 were sold. Operafing data for the month are summarized as follows: Required: 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income starement based on the variable costing concept. 3. Explain the reason for the difierence in the amount of operafing income reported in (1) and (2). Labels March 31 Cost of goods sold Ficced costs For the Month Ended March 31 Variable cost of goods sold Amount Descriptione Gontribusion margini Contribution margin ratio Cost of goods manufactured Foced manufacturing costs Foxed selling and administrative expenses Gross profit Operating income Inventory, March 31 Loss from operations Manufacturing margin Planned contribution margin Sales: Sales mix Seling and administrative expenses Total cost of goods sold Total fixed costs Total variable cost of goods sold Variable cost of goods manufactured Variable selling and administrative expenses Check My Work 1. Prepare an income stafeniont based on the absorpuion costing concept 2. Frepare an income satement based on the variable costing concept