In May 2018, Limonade produced 11,000 cases of powdered drink mix and sold 12,000 cases, of which 1,000 were produced in April. The total April production was 12,000. The sales price was $28, variable costs were $13 per ca ($10 manufacturing and $3 selling and administrative), and total fixed costs were $75,000 ($55,000 manufacturing and $20,000 selling and administrative). Limonade's May income statement using variable costing follows: 5 (Click the icon to view the variable costing income statement.) Read the requirements. i Reference Requirement 1. Prepare the May income statement using absorption costing. Limonade Income Statement (Absorption Costing) Month Ended May 31, 2018 Net Sales Revenue Cost of Goods Sold: Variable Cost of Goods Sold 120,000 Limonade Income Statement (Variable Costing) Month Ended May 31, 2018 | 336,000 Net Sales Revenue $ 336,000 Variable Costs: Variable Manufacturing Overhead $ 120,000 36,000 Fixed Cost of Goods Sold 156,000 180,000 Gross Profit Selling and Administrative Costs: Variable Selling and Administrative Costs Variable Selling and Administrative Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead 36,000 20,000 Fixed Selling and Administrative Costs 56,000 55,000 20,000 Fixed Selling and Administrative Costs 105040 75,000 105,000 Operating Income $ Operating Income Choose from any list or enter any number in the input fields and then click Check Answer. Print Done