EntertainMe Corporation manufactures and sells 50-inch television sets and uses standard costing Actual data relating to January, February, and March 2017 are as follows: (Click to view the data) The selling price per unit is $3,300. The budgeted level of production used to calculate the budgeted ford manufacturing cost per unit is 1.500 units. There are no price officiency, or spending variances. Any production-volume variance is women off to cost of goods sold in the month in which It cours Read the requirements Requirement 1. Prepare Income statements for EntertainMein January, February, and March 2017 under (a) variable costing and (b) absorption costing, (a). Prepare income statements for Entertain Me in January February, and March of 2017 under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion (Complete all answer boxes. Enter a 'o for any zero balance accounts.) January 2017 February 2017 March 2017 (bl. Preoare income statements for Entertain Me in January February, and March 2017 under absorption costina Choose from any list or enter any number in the input fields and then continue to the next question Entertain Me Corporation manufactures and sells 50-inch television sets and uses standard costing Actual data relating to January February, and March 2017 are as follows: (Click to view the data.) The selling price per unit is $3,300. The budgeted level of production used to calculas food manufacturing cost per unit is 1.500 units There are no prioniciency of spending variances. Any production-volume variance is written off to cost of goods sold in the month in which tours Read the requirements (b). Prepare income statements for Entertain Me in January February, and March 2017 under absorption costing Complete the top half of the income statement for each month first, then complete the bottom portion (Enter for any zero balance accounts Label any variances an account does not have a variance, do not select a label Abbreviation used: Adi Adjustment, My Manufacturing) favorable (F) or unfavorable (U) January 2017 February 2017 March 2017 Choose from any it or enter any number in the input fields and then continue to the next question Entertain Me Corporation manufactures and sells 50-inch television sets and use Mandard costing Actual data relating to January February and March 2017 are as follows m (Click to view the data.) The selling price per unit is $3.300. The budgeted level of production used to call the budgeted fed manufacturing cost per unit is 1.500 units. There are ne price, efficiency, or spending variances Ary production volume variance is written of cost of goods sold in the men in which it occurs Read the requirements Requirement 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing Begin by preparing a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing Dermine the formula that will Highlight the diference between the operating income under each method. Then complete the equation for each month. Enter an amount in each input cel and entera "O" for any zero balances Abbreviations used Beg beginning. Endn ing, My Manufacturing and Variable) Absorption-costing operating income Variable costing operating income Jan Feb Mar The difference between absorption and variable costing is due solely to moving into inventories as inventorine and out of inventories as they Choose from any it or enter any number in the input fields and then continue to the next gestion Data Table January February March 1,500 1,350 150 1,400 1,400 150 1,520 1,530 Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs $ $ 1,000 $ 800 $ 1,000 $ 800 $ 1,000 800 pell 82 $ $ 525,000 $ 130,000 $ 525,000 $ 130,000 $ 525,000 130,000 i Requirements 1. Prepare income statements for EntertainMe in January, February, and March 2017 under (a) variable costing and (b) absorption costing. 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing. Print Done