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W E9-21 (similar to) Question Help Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows: (Click the icon to view the data.) The selling price per vehicle is $22,000. 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. Read the requirements Requirement 1. Prepare April and May 2017 income statements for Race Track Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2017 income statements for Race Track Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all answer boxes. Enter a "0" for any zero balance accounts.) April 2017 $ 8,800,000 May 2017 $ 11,000,000 $ 0 $ 950,000 4,275,000 4,750,000 Revenues Variable cost of goods sold: Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin Fixed manufacturing costs Fixed operating costs 4,750,000 (950,000) 5,225,000 (475,000) 4,750,000 3,800,000 1,380,000 3.640,000 2,000,000 1.700,000 4,550,000 2,000,000 Data Table 500,000 500,000 $ 1,140,000 Operating income $ 2,050,000 (b) Prepare April and May 2017 income statements for Race Track Motors under absorption costing. Complete the top half of zero balance accounts. Label any variances as favorable (F) or unfavorable (U). If an account does not have a variance, do April 2017 May 2017 Revenues $ 8,800,000 $ 11,000,000 Cost of goods sold: Beginning inventory $ 0 Variable manufacturing costs 4,750,000 4,275,000 Allocated fixed manufacturing costs 2,000,000 1,800,000 Cost of goods available for sale 6,750,000 Deduct ending inventory Adjustment for production-volume variance U April May Unit data: Beginning inventory 0 100 Production 500 450 Sales 400 500 Variable costs: Manufacturing cost per unit produced $ 9,500 $ 9,500 Operating (marketing) cost per unit sold 3,400 3,400 Fixed costs: Manufacturing costs $ 2,000,000 $ 2,000,000 Operating (marketing) costs 500,000 500.000 Cost of goods sold Print Done Gross margin Choose from any list or enter any number in the input fields and then click Check