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Hello, can you please help me with the problem below, thank you in advance Instructions During the first month of operations ended August 31, Kodiak

Hello, can you please help me with the problem below, thank you in advance image text in transcribedimage text in transcribedimage text in transcribed

Instructions During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 46,000 mini refrigerators, of which 42,000 were sold. Operating data for the month are summarized as follows: Sales $9,660,000.00 Manufacturing costs: Direct materials $3,220,000.00 Direct labor Variable manufacturing cost 1,380,000.00 828,000.00 506,000.00 Fixed manufacturing cost 5,934,000.00 Selling and administrative expenses: Variable $756,000.00 294,000.00 Fixed 1,050,000.00 Required: 1. Prepare an income statement based on the absorption costing concept." 2. Prepare an income statement based on the variable costing concept. 3. Explain the reason for the difference in the amount of income from operations reported in (1) and (2). *Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (;) will automatically appear it required. Enter Inventory, August 31 as a negative number using a minus sign. If a net loss is incurred, enter that amount as a negative number using a minus sign. Absorption Costing Income Statement 1. Prepare an income statement based on the absorption costing concept. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (-) will automatically appear if required. Enter Inventory, August 31 as a negative number using a minus sign. If a net loss is incurred, enter that amount as a negative number using a minus sign. Kodiak Fridgeration Company Absorption Costing Income Statement (Label) (Label) Variable Costing Income Statement 2. Prepare an income statement based on the variable costing concept. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement headling. A colon (1) will automatically appear if required. Enter Inventory, August 31 as a negative number using a minus sign. If a net loss is incurred, enter that amount as a negative number using a minus sign. Kodiak Fridgeration Company Variable Costing Income Statement (Label) (Label) Label)

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