Speedy 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 $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 variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. (b) Prepare April and May 2020 income statements for Speedy Motors under absorption costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Enter a "0" for any zero balance accounts. Label any variances as favorable (F) or unfavorable (U). If an account does not have a variance, do not select a label.) 1 2 Unit data: 3 Beginning inventory 4 Production LO Sales 5 6 Variable costs: April May 0 50 500 425 450 435 7 Manufacturing cost per unit produced $ 11,000 $ 11,000 8 Operating (marketing) cost per unit sold 3,800 3,800 9 Fixed costs: 10 Manufacturing costs $ 2,250,000 $ 2,250,000 11 Operating (marketing) costs 500,000 500,000 Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin April 2020 May 2020