Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows: E: (Click the icon to view the data.) The selling price per vehicle is $21,000. 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 Data table Fixed operating costs 625,000 625,000 April May $ 165,000 165,000 Operating income Unit data Beginning inventory 0 50 (b) Prepare April and May 2017 income statements for Race Track Motors under absorption costing. Complete the top half of the income statement for each month first, then any variances as favorable (F) or unfavorable (U). If an account does not have a variance, do not select a label.) Production 500 425 April 2017 May 2017 Sales 450 450 9450000 9450000 Variable costs: $ 12,000 $ 12,000 Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs Manufacturing cost per unit produced Operating (marketing) cost per unit sold 600000 2,800 2,800 6000000 5100000 Fixed costs: 2000000 $ 2,000,000 $ 2,000,000 Manufacturing costs Operating (marketing) costs 8000000 625,000 625,000 Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin Print Done