Absorption and Variable Costing Income Statements During the first month of aperations arded July 31, YoSan Inc, manufactured 11.500 flat panel televisions, of which 10,700 were sold. Operating data for the month are summarized as follows: Sales $1,765,500 Manufacturing costs Direct materials $897,000 Direct labor 264,500 Variable manufacturing cost 230,000 Foxed manufacturing cost 115,000 1,506,500 Selling and administrative expenses: Variable $139,100 Fixed 64,000 203,100 Required: 1. Prepare an income statement based on the absorption costing concept. Yosan Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales 1,765,500 Cost of goods sold Cost of goods manufactured 1.506,00 Inventory July 31 104.10