I-> %/ FastRide 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 $26,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 400 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 (b) Prepare April and May 2017 income statements for FastRide Motors under absorption costing. Complete the top half of the in accounts. Label any variances as favorable (F) or unfavorable (U). If an account does not have a variance, do not select a label.) Revenues Cost of goods sold: April 2017 7,800,000 May 2017 10,010,000 Unit data: Beginning inventory Production Beginning inventory Variable manufacturing costs Fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin April May 0 100 400 325 300 385 Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs $ 11,000 $ 11,000 2,600 2,600 $ 2,000,000 $ 2,000,000 550,000 550,000 Print Done