surrmiaized as follows Required: 1. Prepare an income statement based an the absorption costing concept. 2 Prepare an hcome statement based an the variabie costing concept 3. Explain the reason for the diflerence in the amount of operating income reported in (1) and (2). 1. Prepare an income statement based on the absorption costing concept 2. Prepare an income statement based on the variable costing cancept. 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2) rators, of which 150,00 2. Explain the reason for the ditherence in the amount of operating income reported in (1) and (2). The Operating income reported under ane deterred to a futuie month under costing exceeds the Operiting income reportod under costing cosing the to