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During the first month of operations ended July 31 , YoSan Inc. manufactured 10,600 flat panel televisions, of which 9,800 were sold. Operating data for the month are summarized as follows: 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept. Feedback Check My Work 2. Sales - variable cost of goods sold = Manufacturing margin; Manufacturing margin - variable selling and administrative expenses = Contribution margin; Contribution margin - (fixed