1. Prepare an income statement based on the absorption costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Score: 24/61 Kodiak Fridgeration Company Absorption Costing Income Statement For the Month Ended August 31 1 Sales $10,800,000.00 2 Cost of goods sold: 3 Cost of goods manufactured $9,600,000.00 4 5 6 7 8