Nascar Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to MAY 2017 as follows:

UNIT DATA:

BEGIN IINVENTORY 150

PRODUCTION 400

SALES 520

VARIABLE COST:

DIRECT MATERIAL $ 6,700

DIRECT MANUF LABOUR 1,500

MANUF OVERHEAD 1,800

OPERATING (MARKETING)

PER UNIT SOLD 3,000

FIXED COSTS:

MANUFACTURING $ 2,000,000

OPERARING (MARKETING 600,000

The selling price per vehicle is $24,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs.

Required: Prepare the below and answer the questions that follows

1. Variable costing income statement for May 2017
2. Absorption costing income statement for May 2017
3. Throughput costing income statement for May 2017