Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May $2020$ 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 $2020$ income statements for Race Track Motors under

$($a$)$ Prepare April and May $2020$ income statements for Race Track Motors under variable Costing AND absorption Costing. $($Complete all input fields. Enter a $"0"$ for any zero balance accounts.$)$

April $2020$

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

Data table

$\backslash$table$[[,$A$,$B$,$C$],[1,,$April,May$],[2,$Unit data:,,$],[3,$Beginning inventory,$0,100],[4,$Production,$500,475],[5,$Sales,$400,545],[6,$Variable costs:,,$],[7,$Manufacturing cost per unit produced,$$10,500,10,500],[8,$Operating $($marketing$)$ cost per unit sold,$4,000,4,000],[9,$Fixed costs:,,$],[10,$Manufacturing costs,$$2,200,000,$$$2,200,000$