During the first month of operations ended March 31, IceBox Fridgeration Company manufactured 44,000 mini refrigerators, of which 39,000 were sold. Operating data for the month are summarized as follows:

1	Sales		$7,020,000.00
2	Manufacturing costs:
3	Direct materials	$3,080,000.00
4	Direct labor	1,056,000.00
5	Variable manufacturing cost	880,000.00
6	Fixed manufacturing cost	616,000.00	5,632,000.00
7	Selling and administrative expenses:
8	Variable	$663,000.00
9	Fixed	273,000.00	936,000.00

	Required:
1.	Prepare an income statement based on the absorption costing concept.
2.	Prepare an income statement based on the variable costing concept.