Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc, manufactured 8.500 flat panel televisions, of which 8,000 were sold. Operating data for the month are summarized as follows: Sales $1,360,000 Manufacturing costs: Direct materials $680,000 Direct labor 204,000 Variable manufacturing cost 170,000 Fixed manufacturing cost 85,000 1,139,000 Selling and administrative expenses: Variable $112,000 Fixed 51,500 163,500 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Cost of goods sold: Emil Instructor Submit test for Grading