Instruction During the first month of operations anded August 31, Kodiak Fridgeration Company manufactured 40,000 mini verigerators, of which 2.000 were sold Opening data for the month are summarized as follows $9.650.000,00 Manufacturing costs Direct materials 1 Direct labor Valencturing cost Fredacturing Selling and administrative 1 V 55720,000.00 1,380,000.00 328.000.00 506,000.00 595400000 5156.000.00 LOSO 00000 Required 1. Frecare an oome statement based on the shootion costing concept 2. Fant neomenent based on the roofingen 2. honor the face the amount of contention reported in 2 Required: 1. Prepare an income statement based on the absorption coating concept 2. Prepare an income statement based on the variable coating concept 3. Explain the reason for the difference in the amount of income from operations reported in (1) and (2) *Refer to the liute of Labels and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the ataternent heading. A colon () ww automatically appear if required. Enter Inventory August 31 as a negative number using a minus nign. Ya ner lost is incurred, enter that amount as a negative number yang aminus sign 1. Prepare an income statement based on the absorption conting concept. Refer to the fate of Label and Amount Description for the exact wording of the choice for extentes De to complet heading Action () will automatically appear in moured Enter Inventory, August 31 ana negatie number nya mut ngn lanet lose in neurret onder that would as a negative number ang amus Kodiak Fridgeration Company Absorption Costing Income Statement Label Matel Variable Gosting Income Statement 2. Prepare an income afatement based on the variable conting concept Refer to the fate ofLabel and Amount Descriptions for the exact wording of the awer choice for test entries Be sure to complete heading Aion () will automatically appear if required Enter bentory August as a negative number ang aminus sign Wanelo u ured, enter that amount as a negative number wing u minus Kodiak Fridgeration Company Variable Costing Income Statement Label) 1 bel 2 10 LI Final Question Explain the reason for the difference in the amount of income from operation reported in and The income from operations reported under cosing exces the importer manufacturing costs that are deterred to ture month now ostino only there be the two