Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May $2020$ are as follows: Complete income statments for those months under variable costing and absorption costing $($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 und

$($a$)$ Prepare April and May $2020$ income statements for Race Track Motors under variable co portion. $($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

$\backslash$table$[[,$A$,,$B$,$C$],[1,,,$April,May$],[2,$Unit data:,,e$,],[3,$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,$$ $2,200,000$