In May 2018, VitaSport produced 8,000 cases of powdered drink mix and sold 10,000 cases, of which 2,000 were produced in April. The total April production was 10,000. The sales price was $28, variable costs were $12 per case ($9 manufacturing and S3 selling and administrative), and total fixed costs were $70,000 (S56,000 manufacturing and S14,000 selling and administrative). VitaSport's May income statement using variable costing follows: (Click the icon to view the variable costing income statement.) - X Read the requirements. Requirements Requirement 1. Prepare the May income statement using absorption costing 1. Prepare the May income statement using absorption costing. 2. Is operating income using absorption costing higher or lower than variable costing income? Explain why. 3. Determine the balance in Finished Goods Inventory as of May 31, , VitaSport Income Statement (Absorption Casting) Month Ended May 31, 2018 - Reference Print D 280.000 VitaSport Income Statement (Variable Costing) Month Ended May 31, 2018 Net Sales Revenue S Variable Costs: Variable Manufacturing Overhead $ 90,000 30,000 Variable Selling and Administrative Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead 56,000 Fixed Selling and Administrative Costs 14,000 S Operating Income 120.000 Operating Income 160,000 70,000 Help Me Solve This DemoDocs Example Get More Help 90.000