The sales prices was $31.00, variable costs were $11.00 per case, comprising $9.00 for manufacturing costs and $2.00 for selling and administrative expenses. Total fixed costs were $68,800, which were made up of manufacturing costs of $44,200 and selling and administrative cost of $24,600. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing. Revive Me Sports Drink Income Statement For Month Ending July 31, 20XX Sales Revenue 365800 Cost of Goods Sold Variable Cost of Goods Sold > Fixed Cost of Goods Sold Gross Profit Selling and Administrative Costs: Fixed Selling & Administrative Exp. Fixed Selling & Administrative Exp. V Operating Income 2. Prepare the July income statement using variable costing. Revive Me Sports Drink Contribution Margin Income Statement For Month Ending July 31, 20XX Sales Revenue Variable Costs: Variable Cost of Goods Sold Fixed Selling & Administrative Exp. Contribution Margin Fixed Selling & Administrative Exp. Operating Income