eBook Variable Costing Income Statement On July 31, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption conting concept: Sales (18,000 units) $1.458,000 Cost of goods sold: Cost of goods manufactured 51,111,000 Less ending inventory (4,000 units) 202,000 Cost of goods sold 909,000 Gross profit $549,000 Selling and administrative expenses 68,000 Income from operations 5481,000 a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were 544,000 and the variable selling and administrative expenses were $31,000. In your computations, round unt costs to two decimal places and round til answers to the nearest doma, Rhys Company Income Statement-Variable Costing For the Month Ended July 31 Sales Variable cost of goods sold: Variable cost of goods manufactured . Loss ending inventory Variable cost of goods sold Manufacturing margin I DO Check My Work Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: 00 Income from operations 00 Feedback Check My Wor 3. Review the variable costing income statement b. Reconcile the absorption costing income from operations of $481,000 with the variable conting Income from operations detrmined in (a), Reconciliation of Absorption and Variable Costing Income Absorption costing income from operations Variable costing income from operations Difference