eBook Show Me How ac Print Item 2 Instructions Dol During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 48,000 mini rofrigerators, of which 44,000 were sold. Operating data for the month are summarized as follows: he 1 Sales $8,800,000.00 2 Manufacturing costs: 3 Direct materials (2) 20 to $3,360,000.00 4 Direct labor 1,344,000.00 3 816,000.00 528,000.00 6,048,000.00 Variable manufacturing cost Fixed marufacturing cost * Selling and administrative expenses 1 Variable Fored $528,000.00 357,000.00 880,000.00 ntinu owin Required: 1. Prepare an income statement based on the absorption costing concopt 2. Prepare an income statement based on the variable costing concept 3. Explain the roason for the diference in the amount of income from operations reported in (1) and (2) Check My Work eBook Show Me How Print Item Required: 1. Prepare an income statement based on the absorption costing concept." 2. Prepare an income statement based on the variabio costing concept." 3. Expiain the reason for the dwerence in the amount of income from operations reported in (1) and (2) *Refer to the lists of Laboils and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A calon () will automatically appear if required. Enter Inventory, August 31 as a negative number using a minus sign. Ia net loss is incurred, enter that amount as a negative number using a minus sign. Labels and Amount Descriptions Labels August 31 Cost of goods sold Fixed costs For the Month Ended August 31 Variable cost of goods sold Amount Descriptions Contribution margin Contribution margin ratio Cost of goods manufactured Fixed manufacturing costs Check My Work Previous Next eBook Show Me How Print Item Amount Descriptions Contribution margin Contribution margin ratio Cost of goods manufactured Fixed manufacturing costs Fixed seling and administrative expenses Gross profit Income from operations Inventory, August 31 Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Selling 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 1. Prepare an income statement based on the absorption costing concept Refer to the lists of Labels and Amount Doscriptions for the exact wording of the answer choices for text entrios. Be sure to complete the statomont heading. A colon () will automatically appear if required. Entor Inventory, August 31 as a negative rumber using a minus sign. If a net net loss is incurred, enter that amount as a negative number using a minus sign Score: 48/68 Kodiak Fridgeration Company Absorption Costing Income Statement For the Month Ended August 31 1 Sales $8,800,000.00 1 Cost of goods sold: 3 $6,048,000.00 4 5 Cost of goods manufactured Inventory, August 31 Total cost of goods sold Gross profit Selling and administrative expenses Income from operations I Points 1129/16 Print Item eBook Show Me How of the answer choices for text entries. Be sure to complete the statement heading. A colon (1) will automatically appear if required. Enter Inventory, August 31 as a negative number using a minus sign. If a not loss is incurred, entor that amount as a negative number using a minus sign Score: 66/102 Kodiak Fridgeration Company Variablo Costing Income Statement For the Month Ended August 31 1 Sales $8,800,000.00 $5.520,000.00 5 2 Variable cost of goods sold: 3 Variable cost of goods manufactured Inventory, August 31 Total variable cost of goods sold Manufacturing margin 7 Variable selling and administrative expenses Contribution margin Fixed costs: 10 Fixed manufacturing costs 11 Fixed selling and administrative expenses Total fixed costs 1. Income from operations 12