Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 11,900 flat panel televisions, of which 10,900 were sold. Operating data for the month are summarized as follows: Sales $1,362,500 Manufacturing costs: Direct materials $702,100 Direct labor 214,200 Variable manufacturing cost 178,500 Fixed manufacturing cost 95,200 1,190,000 Selling and administrative expenses: Variable $109,000 Fixed 50,100 159,100 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Cost of goods sold: Income from operations 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: Fixed costs: Income from operations