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The production casts and selling end edmiriatrative expenses, tesed on production of 25,000 units h lay, are as folowe: The inveriary of soivent en the beginning and and of ,une is nat expected to ae sgnhicant imateriaij. Required: 1. Propare an estimarod inceme statment in abooption costing iovm for fume ior solent, assunning that production contivuses during the mardh. 4. What acrice arowid you pive to manedement? 1. Prepare an estimated income statement in absorption costing form for June for solvent, assuming that production continues during the month. 2. Prepare an estimated income statement in variable costing form for June for solvent, assuming that production continues during the month. 3. What would be the estimated operating loss if the solvent production were temporarily suspended for June? 4. What advice should you give to management? Production of solvent should be Temporary suspension of production would result in an operating loss of compared with an operating loss of if production is continued. The result would be a savings of Labels and Amount Descriptions Labels Cost of goods sold Fixed costs For the Month Ending June 30 June 30 Selling and administrative expenses Variable cost of goods sold Amount Descriptions Contribution margin Contribution margin ratio Direct labor Direct materials Fixed manufacturing cost Fixed selling and administrative expenses Gross profit Operating income Operating loss Manufacturing margin Planned contribution margin Sales Sales mix Total cost of goods sold Total fixed costs Total selling and administrative expenses Total variable cost of goods sold Variable manufacturing cost Variable selling and administrative expenses