Instructions Labels and Amount Descriptions Absorption Costing Income Statement July Instructions During the first month of operations ended July 31, Westem Creations Company produced 55,000 designer cowboy hats, of which 51,150 were sold. Operating data for the month are summarized as follows: 59951025.00 $40150000 137.500.00 Varble tacturing cost 60,500.00 55.000.00 65450000 56092000 During August Westem Creations produced 47300 designer Cowboy hats and sold 51,150 cowboyhats Operating data for August are summarized as follows: Pro Absorption and variable costing Income statements for two months and analysis Instructions Labels and Amount Descriptions Absorption Costing Income Statement-July Instructions During August, Western Creations produced 47,300 designer cowboy hats and sold 51,150 cowboyhats Operating data for August are summarized as follows: 5895.125.00 5545.290.00 118250.00 520000 55.00000 540.920.00 27500 Required Previous Subm Assignment for Grading eBook Show Me How Calculator Absorption and variable costing Income statements for two months and analysis Instructions Labels and Amount Descriptions Absorption Costing Income Statement-July Instructions Direct materials $545.290.00 Direct labor 118250.00 Variable manufacturing cost 52050.00 Fed manufacturing cost 55.000.00 570570.00 Selling and administrative penses: Varble 540,92000 2557500 Fixed 66.495.00 Required: 1. Using the absorption costing concept prepare income statements for(a) Aly and (b) August 2. Using the variable costing concept prepare income statements for (a) and (b) August Explan the reason for the differences in the amount of income from operations in (1) and (2) fordy 3. Explan the reason for the differences in the amount of income from operations in (1) and (2) for August 4. Based on your answers to (1) and (2) did Western Creations Company operate more profitably in July or in August? Explain *Refer to the iss of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement reading. A colon () will automatically appear if required Enter Inventory. Jy 31 as a negative number using a minus signane oss is incurred for that amount as a negative number using a minus sign Instructions Labels and Amount Descriptions Absorption Costing Income Statement-Ju Labels and Amount Descriptions Labels August 31 Cost of goods sold Fixed costs For the Month Ended August 31 For the Month Ended July 31 July 31 Variable cost of goods sold Amount Descriptions Contribution margin Contribution margin ratio Instructions Labels and Amount Descriptions Absorption Costing Income Statement-Ju Labels and Amount Descriptions Cost of goods manufactured Fixed manufacturing costs Fixed selling and administrative expenses Gross profit Income from operations Inventory, August 1 Inventory, July 31 Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix eBook Show Me How Calculator Absorption and variable costing income statements for two months and analysis Instructions Labels and Amount Descriptions Absorption Costing Income Staten Labels and Amount Descriptions LUSS Honrupti quos Manufacturing margin Planned contribution margin Sales Sales mix Selling and administrative expenses Total cost of goods sold Total fixed costs Total variable cost of goods sold Variable cost of goods manufactured Variable selling and administrative expenses Instructions Labels and Amount Descriptions Absorption Costing Income Statement-July Absorption Costing Income Statement-July 1. Using the absorption costing concept prepare income statements for JuyRefer to the lists of Labels and Amount Desorption for the exact wording of the answer choices for text entries. Be sure to complete the statement ending. A coton will automatically appear if required Enter inventory Ay 31 as a negative number using a minus sign. Ita nefoss is incurred, enter that amount as a negative number using a minus sign Western Creations Company Absorption Costing Income Statement Previous Absorption and variable costing income statements for two months and analysis Instructions Labels and Amount Descriptions Absorption Costing Income Statement-July Absorption Costing Income Statement August Th. Using the absorption costing concept, prepare income statements for August. 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. Wanafloss is incurred enter that amount as a negative number using a minus Western Creations Company Absorption Costing Income Statement Label Variable Costing Income Statement-July 2. Using the varie costing concept prepare income statements for Refer to the of Labs and Amount Descriptions for the exact wording of the aur choices for a entries. Be sure to complete the statement heading Acolon wil utomatically appear required Enter Inventory, 31 as a negative number using a musia neo incurred enter that amount as a negative number using a minus sign Western Creations Company Variable Costing Income Statement be Absorption and variable costing Income statements for two months and analysis Instructions Labels and Amount Descriptions Absorption Costing Income Statement-July Variable Costing Income Statement-July 22 Using the variable costing concept prepare income statements for Refers the list of sand Amount Descriptions for the exact wording of the answer choice for at entries. Be sure to complete the statement heading. A colon (wil automatically appear it required. Enter Inventory, July 31 as a negative number using a minus sign. Tane oss is incurred, enter that amount as a negative number using a m us sign Western Creations Company Variable Costing Income Statement