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 $23,000. 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 varlances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements COS tar Dog 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 sin each month first, then complete the bottom portion (Complete all answer boxes. Enter a "O" for any zero balance accounts.) April 2017 May 2017 Revenues 8050000 11960000 Variable cost of goods sold: Beginning inventory EX Variable manufacturing costs Cost of goods available for sale Deduct ending inventory calci Variable cost of goods sold lato Variable operating costs ulata antrinin He ca Data Table April May Unit data: 0 150 Beginning inventory Production 500 400 Sales 350 520 Variable costs: $ 11,500 11,500 $ 2,000 2,000 Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs $ 2,250,000 $ 2,250,000 800,000 800,000 Print Done hicle is $23,000. The budgeted level of production used to calculate the budgeted fixed manufacturing co e, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in Requirements 1 1 Inc 1. Prepare April and May 2017 income statements for Race Track Motors under (a) variable costing and (b) absorption costing. 2. Prepare a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing Col Print Done ct wal mwen