Instructions During the first month of operations onded August 31. Kodiak Fridgeration Company manufactured 48,000 mini refrigerators, of which 44.000 were sold Operating data for the month are summarized as follows: 1 Sale $8,800,000.00 Manufacturing costs Direct materials $3.360.00000 Direct labor 1.544,000.00 516,000.00 528,000.00 6,048,000.00 Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses Variable . 5528,000.00 Fixed 352.000.00 880,000.00 Required: 1. Prepare an income statement based on the absorption costing coin 2. Precare an income statement based on the variable costing concept Instructions Labels and Amount Descriptions Absorption Costing Income Statement Instructions Direct labor 1344.000.00 5 816.000.00 528,000.00 6,048,000.00 Variable manutacturing cost Fixed manufacturing cost Selling and administrative expenses Variable 3528,000.00 Fixed 352.000.00 880,000.00 Required: 1. Prepare an income staternent based on the absorption costing concept, 2. Prepare an income statement based on the variable costing concept 3. Explain the reason for the difference in the amount of income from operations reported in (1) and (2) * Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon () will automatically appear if required. Enter Inventory, August 31 as a negative number using a minus sign. Ita net loss is incurred, enter that amount as a negative number using a minus sign