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- X 0 Reference + ExerAde Income Statement (Variable Costing) Month Ended May 31 Net Sales Revenue $ 336 000 $ 60,000 24,000 84,000 Variable Costs: Variable Manufacturing Overhead Variable Selling and Administrative Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fixed Selling and Administrative Costs 252,000 55,000 20,000 75,000 $ 177,000 Operating Income Print Done XC 0 Requirements 1. Prepare the May income statement using absorption costing, 2. Is operating income using absorption costing higher or lower than variable costing income? Explain why. 3. Determine the balance in Finished Goods Inventory as of May 31. Print Done EM6-20 (similar to) In May, ExerAde produced 11,000 cases of powdered drink mix and sold 12,000 cases, of which 1,000 were produced in April.TH manufacturing and $20,000 selling and administrative) Exerade's May income statement using variable costing follows: (Click the icon to view the variable costing income statement Read the requirements were produced in April. The total April production was 12,000. The sales price was $28, variable costs were $7 per case (55 manufacturing - costing follows = was $28, variable costs were 57 per case (55 manufacturing and $2 selling and administrative), and total fixed costs were $75,000 ($55 000 Read the requirements. Requirement 1. Prepare the May income statement using absorption costing. ExerAde Income Statement (Absorption Costing) Month Ended May 31 Net Sales Revenue Variable Costs: Operating Income