Prepare income statement for July using the absorption costing concept.Head Gear Inc.Absorption Costing Income StatementFor the Month Ended July $31$AmountLine Item DescriptionSalesLVCost of goods sold:Cost of goods manufacturedInventory, July $31$Total cost of goods sold vAmount$196,460$ VSelling and administrative expensesOperating income$1$D$.$ Predare income starement tor August usino me aosorotion cosune conceptiHead Gear Inc.Absorption Costing Income StatementFor the Month Ended August $31$AmountLine Item DescriptionSalescost or goods sold:Inventory, August $1=$ vCost of goods manufactured vTotal cost of goods soldGross profitSelling and administrative expenses $-$vOperating incomeAmount$196,460$V$158,250$ V$2$a$.$ Prepare income statement for July using the variable costing concept.