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 (176,000 units) during the first month, creating an ending Inventory of 25,000 units. During February, the company produced 151,000 units during the month but sold 176,000 units at $590 per unit. The February manufacturing costs and selling and administrative expens were as follows: Number of Unit Total Units Cost Cost Manufacturing costs in February 1 beginning inventory: Variable 25,000 $295.00 Fixed 25,000 28.00 $7,375,000 700,000 Total $323.00 $8,075,000 Manufacturing costs in February Variable Fixed Total Selling and administrative expenses in February: Variable 176,000 Fixed 176,000 $21.50 5.00 $3,784,000 Total $26.50 880,000 $4,664,000 151,000 $295.00 $44,545,000 151,000 32.30 4,877,300 $327.30 $49,422,300 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.