Absorption and Variable Costing Income Statements During the first month of operations ended July 31. YoSan Inc, manufactured 10,700 flat panel televisions, of which 10,100 were sold Operating data for the month are summarized as follows: Sales $1,464,500 Manufacturing costs: Direct materials $727,600 Direct labor 214,000 Variable manufacturing cost 181,900 Fixed manufacturing cost 96,300 1,219,800 Selling and administrative expenses Variable $121,200 55,000 177,000 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 1,464,500 Cost of goods sold: Cost of goods manufactured 1,219,800 Inventory, July 31 91,200 Total cost of goods sold 1,128,600 Gross profit Selling and administrative expenses Income from operations 2. Prepare an income statement based on the variable casting concept. Yosan Inc Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 Total variable cost of goods sold Variable selling and administrative Manufacturing margin Fixed costs Fixed manufacturing costs Feed selling and administrative expenses Total the cost 3. The income from operations recorted under that are deferred to a future month under costing exceeds the income from a reported under costi