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 (58,300 units) during the first month, creating an ending inventory of 5,300 units. During February, the company produced 53,000 units during the month but sold 58,300 units at $80 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Manufacturing costs in February 1 beginning inventory: Variable Fixed Total Number of Units Unit Cost Total Cost 5,300 $32.00 $169,600 5,300 12.00 63,600 $44.00 $233,200 Manufacturing costs in February: Variable Fixed Total 53,000 $32.00 $1,696,000 53,000 13.20 699,600 $45520 $2,395,600) Selling and administrative expenses in February: Variable 58,300 $15.60 $909,480 Fixed 58,300 7.00 408,100 $22.60 $1,317,580 Total a. Prepare an income statement according to the absorption costing concept for the month ending February 28.1 Fresno Industries Inc. Absorption Costing Income Statement For the Month Ended February 28