FastTrack Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows: (Click the icon to view the data.) The selling price per vehicle is $27,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 700 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Data table Requirement 1. Prepare April and May 2017 income statements for FastTrack Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2017 income statements for Fast Track Motors 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 April 2017 May 2017 Unit data: Revenues Beginning inventory Production Variable cost of goods sold: Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin Sales Variable costs: April May 0 100 700 625 600 700 Manufacturing cost per unit produced $ Operating (marketing) cost per unit sold Fixed costs: 11,000 $ 3,800 11,000 3,800 Manufacturing costs Operating (marketing) costs $ 2,100,000 $ 2,100,000 625,000 625,000 Requirements 1. Prepare April and May 2017 income statements for FastTrack Motors under (a) variable costing and (b) absorption costing. 2. Prepare a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing. Print Done - X