ook Print Item Variable costing income statement Instructions Labels and Amount Descriptions Income Statement Reconciliation Instructions On July 31, 2016, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept Rhys Company Income Statement - Absorption Costing For the Month Ended July 31, 2016 54.208.750.00 1 52.784,000.00 4 600.000,00 1 Sales (91,000 units) 1 Cost of goods sold: Cost of goods manufactured Less ending inventory (25.000 units) Cost of goods sold 6 Gross profit 1 Selling and administrative expenses Income from operations 5 2.184.000.00 57.074,750.00 282.000.00 $1,742.750.00 Required: A. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were 5139 200 and the variable selling and administrate expenses were $109 200. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries "Less" or "Plusand colons will automatically appear it is required. In your computations round unit costs to do decima places and round final answers to the nearest docar B. Reconcile the absorption costing income from operations or 51 742 750 with the variable costing income from operations determined in (4) Check My Work Income Statement A. Prepare a variable costing income statement assuming that the feed manufacturing costs were $139,200 and the variable selling and administrative expenses were $109.200. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Plus and colons will automatically appear if it is required in your computations, round unit costs to tivo decimal places and round final answers to the nearest dolor Rhys Company Income Statement - Variable Costing For the Month Ended July 31, 2016 1 Sales 54.208.750,00 2 Variable cost of goods sold: Variable cost of goods manufactured 1 0 15 e Previous Next St Agnent for Grading 626 PM 3/31/2021 Reconciliation B. Reconcile the absorption costing income from operations of $1,742, 750 with the variable costing income from operations previously determined Rhys Company Income from Operations - Absorption vs. Variable Costing For the Month Ended July 31, 2016 1 Absorption costing income from operations 2 Variable costing income from operations 1 Difference the Previous Next Sunt sigurant for Craig 6:25 PM 1/21/2021 Labels and Amount Descriptions Labels and Amount Descriptions Contribution margin Cost of goods manufactured Ending inventory Fored costs Fived manufacturing costs Ficed selling and administrative expenses Gross profit Income from operations Manufacturing margin Sales Variable cost of goods manufactured Variable cost of goods sold Variable selling and administrative expenses the Previous Next Save and Submit Assignment for Grading 6:26 PM V31/2012