In May 2016, VitaSport produced 8,000 cases of powdered drink mix and sold 9,000 cases, of which 1,000 were produced in April. The sales price was $22, variable costs were $7 per case ($5 manufacturing and $2 selling and administrative), and total fixed costs were $70,000 ($56,000 manufacturing and $14,000 selling and administrative) Requirements 1. Prepare the May income statement using variable costing. 2. Determine the balance in Finished Goods Inventory as of May 31