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 (177,000 units) during the first month, creating an ending inventory of 19,000 units. During February, the company produced 158,000 units during the month but sold 177,000 units at $590 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Number of Units Unit Cost Total Cost Manufacturing costs in February 1 beginning inventory: Variable Fixed 19,000 40.00 19,000 $295.00 $5,605,000 760,000 Total Manufacturing costs in February: $335.00 $6,365,000 Variable 158,000 $295.00 $46,610,000 Fixed Total 158,000 46.20 7,299,600 $341.20 $53,909,600 Selling and administrative expenses in February: Variable Fixed 177,000 177,000 4.00 Total 30.80 $5,451,600 708,000 34.80 $6,159,600 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Prepare an income statement according to the absorption costing concept for February. Enter all amounts as positive numbers. Fresno Industries Inc. Absorption Costing Income Statement For the Month Ended February 28