FastTrack Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April...

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FastTrack Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $29,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for FastTrack Motors under (a) variable costing and (b) absorption costin (a) Prepare April and May 2020 income statements for Fast Track Motors under variable costing. Complete the top half of the income state Revenues Variable cost of goods sold: Beginning inventory April 2020 8,800,000.00 0 Variable manufacturing costs 4,250,000.00 Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin pages Calcula Requirements May 2020 10,450,000.00 3,612,500.00 1. Prepare April and May 2020 income statements for FastTrack Motors under (a) variable costing and (b) absorption costing. 2. Prepare a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing. Print Done Data table A B C April May 1 2 Unit data: 3 Beginning inventory 4 Production 5 Sales 6 Variable costs: 100 500 475 400 535 7 Manufacturing cost per unit produced $ 8,500 $ 8,500 8 Operating (marketing) cost per unit sold 2,400 2,400 9 Fixed costs: 10 Manufacturing costs 11 - X Operating (marketing) costs $ 2,000,000 $ 2,000,000| 750,000 750,000 Print Done Clear all Check answer FastTrack Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $29,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for FastTrack Motors under (a) variable costing and (b) absorption costin (a) Prepare April and May 2020 income statements for Fast Track Motors under variable costing. Complete the top half of the income state Revenues Variable cost of goods sold: Beginning inventory April 2020 8,800,000.00 0 Variable manufacturing costs 4,250,000.00 Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin pages Calcula Requirements May 2020 10,450,000.00 3,612,500.00 1. Prepare April and May 2020 income statements for FastTrack Motors under (a) variable costing and (b) absorption costing. 2. Prepare a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing. Print Done Data table A B C April May 1 2 Unit data: 3 Beginning inventory 4 Production 5 Sales 6 Variable costs: 100 500 475 400 535 7 Manufacturing cost per unit produced $ 8,500 $ 8,500 8 Operating (marketing) cost per unit sold 2,400 2,400 9 Fixed costs: 10 Manufacturing costs 11 - X Operating (marketing) costs $ 2,000,000 $ 2,000,000| 750,000 750,000 Print Done Clear all Check answer