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E21-20 (similar to) Question Help In May 2018, VitaSport produced 12,000 cases of powdered drink mix and sold 13,000 cases, of which 1,000 were produced in April. The total April production was 10,000. The sales price was $23, variable costs were 58 per case ($6 manufacturing and $2 selling and administrative), and total fixed costs were $90,000 ($72,000 manufacturing and $18,000 selling and administrative). VitaSport's May income statement using variable costing follows: (Click the icon to view the variable costing income statement.) Read the requirements. Requirement 1. Prepare the May income statement using absorption costing. VitaSport Income Statement (Absorption Costing) Month Ended May 31, 2018 Operating Income Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts 2 remaining Clear All Check Answer Requirements 1. Prepare the May income statement using absorption costing. 2. Is operating income using absorption costing higher or lower than variable costing income? Explain why. 3. Determine the balance in Finished Goods Inventory as of May 31. Print Print [Done] Done Reference VitaSport Income Statement (Variable Costing) Month Ended May 31, 2018 Net Sales Revenue $ 299,000 Variable Costs: Variable Manufacturing Overhead $ 78,000 26,000 104,000 195,000 Variable Selling and Administrative Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fixed Selling and Administrative Costs 72,000 18,000 90,000 105,000 $ Operating Income Print Done