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 (156,000 units) during the first month, creating an ending inventory of 16,000 units. During February, the company produced 140,000 units during the month but sold 156,000 units at $510 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Number of Unit Units Cost Total Cost Manufacturing costs in February 1 beginning inventory: Variable Fixed 16,000 $255.00 $4,080,000 16,000 31.00 496,000 Total Manufacturing costs in February: Variable Fixed $286.00- $4,576,000 140,000 $255.00 $35,700,000 140,000 35.80 5,012,000 $290.80 $40,712,000 Total Selling and administrative expenses in February: Variable Fixed 156,000 156,000 23.80 $3,712,800 2.00 312,000 Total 25.80 $4,024,800 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