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Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc, manufactured 24,700 hats, of which 23.000 were sold Operating data for the month are summarized as follows: Sales $211.000 $125,440 34,580 Manufacturing costs Direct material Direct labor Variable manufacturing cost Fixed manufacturing.com salting and administrative expenses Variable 14,020 14,120 192,660 $11.500 Foced 1.400 19,900 uring August Head Gear Inc., manufactured 21.300 hat and sold 23,000 hats. Operating data for Aquare med sollows: Sales 3211,600 Manufacturing costs Direct materials S110,760 Direct labor 29.820 Variable manufacturing cost 12.780 Fixed manufacturing cost 14,820 163,180 Selling and administrative expenses: Variable $11,500 Fixed 8,400 19,900 Required: 1a. Prepare income statement for July using the absorption costing concept. Head Gear Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales Cost of goods sold: Cost of qoods manufactured Inventory, July 31 Total cost of goods sold Gross profit Selling and administrative expenses Operating income 1b. Prepare income statement for August using the absorption costing concept. Head Gear Inc. Absorption Costing Income Statement For the Month Ended August 31 Cost of goods sold: Direct labor X Sales (20) Feedback Check My Work 1b Sales - (cost of goods manufactured - ending inventory") = Gross profit gross profit - sell "(Manufactured Units - Sold units) x (total manufacturing costs/manufactured units) 2a. Prepare income statement for July using the variable costing concept. Head Gear Inc. 2a. Prepare income statement for July using the variable costing concept. Head Gear Inc. Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold: Fixed costs: 2b. Prepare income statement for August using the variable costing concept. Head Gear Inc. Variable Costing Income Statement For the Month Ended August 31 Variable cost of goods sold: Fixed costs