Fresno Industries Inc, manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (181,000 units) during the first month, creating an ending inventory of 24,000 units. During February, the company produced 157,000 units during the month but sold 181,000 units at $500 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Number of Total Units Cost Cost Unit Manufacturing costs in February 1 beginning inventory: Variable 24,000 $250.00 $6,000,000 696,000 Fixed 24,000 29.00 Total $279.00 $6,696,000 Manufacturing costs in February N Variable 157,000 $250.00 $39,250,000 Fixed 157,000 33.50 5,259,500 Total $283.50 $44,509,500 Selling and administrative expenses in February Variable 181,000 22.30 $4,036,300 724,000 Fixed 181,000 4.00 Total 26.30 $4,760,300 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Fresno Industries Inc. Absorption Costing Income Statement For the Month Ended February 28 Cost of goods sold: b. Prepare an income statement according the variable costing concept for February. Enter all amounts as positive numbers. Fresno Industries Inc. Variable Costing Income Statement For the Month Ended February 28 Fixed costs