Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 10,100 flat panel televisions, of which 9,500 were sold. Operating data for the month are summarized as follows: Sales $1,187,500 Manufacturing costs: Direct materials $595,900 Direct labor 181,800 Variable manufacturing cost 151,500 Fixed manufacturing cost 80,800 1,010,000 Selling and administrative expenses: Variable $95,000 Fixed 43,700 138,700 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: Next > Email Instructor Submit Test for Grading For the Month Ended July 31 Cost of goods sold: 2. Prepare an income statement based on the variable costing concept YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold: no Next > Email Instructor Sub Tartu YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold: ID) Fixed costs: 3. Explain the reason for the difference in the amount of operating income reported in (1) and (2). The operating income reported under costing exceeds the operating income reported under costing, due to manufacturing costs that are deferred to a future month under costing Next