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Prepare an income statement based on the absorption costing concept. Prepare an income statement based on the variable costing concept. Gross profit under absorption costing for the month ended May 31, 2010 is The manufacturing margin under variable costing for the month ended May 31, 2010 is income from operations under absorption costing for the month ended May 31, 2010 is income from operations under variable costing for the month ended May 31, 2010 is. Income from operations for the month ended May 31, 2010 should be higher under variable The reason for the difference in income betwwen the Fixed costs are important in making pricing decisions in the short run? Fixed factory overhead should be included in product costs in GAAP reporting