Speedy Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May $2020$ are as follows:

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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 Speedy Motors under $($a$)$ variable costing and $($b$)$ absorption costing.

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April $2020$

May $2020$