Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (150,000 units) during the first month, creating an ending inventory of 20,000 units. During February, the company produced 130,000 units during the month but sold 150,000 units at $500 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Unit Number of Units Total Cost Cost Manufacturing costs in February 1 beginning inventory: Variable 20,000 $275.00 $5,500,000 Fixed 20,000 26.00 520,000 Total $301.00 $6,020,000 Manufacturing costs in February: Variable 130,000 $275.00 $35,750,000 Fixed 130,000 30.00 3,900,000 Total $305.00 $39,650,000 Selling and administrative expenses in February: Variable 150,000 $20.00 $3,000,000 Fixed 150,000 1.30 195,000 Total $21.30 $3,195,000 a. Prepare an income statement according to the absorption costing concept for the month ending February 28