Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Wolaning manufactured 2.400 flat panel televisions, of which 2.000 were ok Operating data for the month w $2.150.000 a s foto Det materials Direct labor Variable manufacturing cost a cturing cost Selling and strive expenses Variable Food $960,000 420,000 156.000 2000 F 1.824.000 5204.000 96.000 300.000 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31, 2016 Sales $ 2,150,000 Variable cost of goods sold: Variable cost of goods manufactured 800,000 Inventory, July 31 350,000 X Total Variable cost of goods sold 1,280,000 Manufacturing margin 870,000 204,000 Variable selling and administrative expenses Contribution margin 666,000 Foxed costs: Fixed manufacturing costs $288,000 96,000 Foced selling and administrative expenses Total fixed costs Income from operations 384,000 282,000 s