Absorption and Variable Costing Income Statements for Two Months and Analysis

During the first month of operations ended May 31, 2015, T-shirt Express Company produced 25,600 designer T-shirts, of which 24,300 were sold. Operating data for the month are summarized as follows:

During June, T-shirt Express Company produced 23,000 designer T-shirts and sold 24,300 T-shirts. Operating data for June are summarized as follows:

1a. Prepare an income statement for May using the absorption costing concept. Enter all amounts as positive numbers.

1b. Prepare an income statement for June using the absorption costing concept. Enter all amounts as positive numbers.

2a. Prepare an income statement for May using the variable costing concept. Enter all amounts as positive numbers.

2b. Prepare an income statement for June using the variable costing concept. Enter all amounts as positive numbers.