Variable Costing Income Statement On July 31, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept: Sales (25,000 units) $1,525,000 Cost of goods sold: Cost of goods manufactured Less ending inventory (5,000 units) $1,147,500 191,250 Cost of goods sold 956,250 $568,750 Gross profit Selling and administrative expenses 94,000 $474,750 Income from operations a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $60,000 and the variable selling and In your comutations, round unit costs to two decimal places and round final answers to the nearest ca Rhys Company Income Statement-Variable Costing For the Month Ended July 31 Sales 1,525,000 Accounting numeric field Variable cost of goods sold: Fixed manufacturing costs Less fixed selling and administrative expenses $ Fixed costs: Income from operations b. Reconcile the absorption costing income from operations of $474,750 with the variable costing income from operations determined in (a). Income from operations b. Reconcile the absorption costing income from operations of $474,750 with the variable costing income from operations determined in (a). Reconciliation of Absorption and Variable Costing Income Absorption costing income from operations Variable costing income from operations Difference Previous Email Instructor Save and Exit Submit Assignment for Grading All work saved. 9:51 PM 4/1/2021 W Variable Costing Income Statement On July 31, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept: Sales (25,000 units) $1,525,000 Cost of goods sold: Cost of goods manufactured Less ending inventory (5,000 units) $1,147,500 191,250 Cost of goods sold 956,250 $568,750 Gross profit Selling and administrative expenses 94,000 $474,750 Income from operations a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $60,000 and the variable selling and In your comutations, round unit costs to two decimal places and round final answers to the nearest ca Rhys Company Income Statement-Variable Costing For the Month Ended July 31 Sales 1,525,000 Accounting numeric field Variable cost of goods sold: Fixed manufacturing costs Less fixed selling and administrative expenses $ Fixed costs: Income from operations b. Reconcile the absorption costing income from operations of $474,750 with the variable costing income from operations determined in (a). Income from operations b. Reconcile the absorption costing income from operations of $474,750 with the variable costing income from operations determined in (a). Reconciliation of Absorption and Variable Costing Income Absorption costing income from operations Variable costing income from operations Difference Previous Email Instructor Save and Exit Submit Assignment for Grading All work saved. 9:51 PM 4/1/2021 W