(b) Prepare April and May 2017 income statements for Race Track Motors under absorption costing. Complete...

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(b) Prepare April and May 2017 income statements for Race Track Motors under absorption costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Enter a "0" for any zero balance accounts. Label any variances as favorable (F) or unfavorable (U not have a variance, do not select a label.) Revenues Cost of goods sold: Beginning inventory April 2017 11,550,000 0 Variable manufacturing costs 6,650,000 Allocated fixed manufacturing costs 2,100,000 Cost of goods available for sale 8,750,000 Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin May 2017 15,120,000 5,700,000 0 U Help Me Solve This eText Pages Get More Help Data Table Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs April May 150 700 600 550 720 9,500 $ 9,500 2,400 2,400 Operating (marketing) costs $ 2,100,000 $ 2,100,000 625,000 625,000 (b) Prepare April and May 2017 income statements for Race Track Motors under absorption costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Enter a "0" for any zero balance accounts. Label any variances as favorable (F) or unfavorable (U not have a variance, do not select a label.) Revenues Cost of goods sold: Beginning inventory April 2017 11,550,000 0 Variable manufacturing costs 6,650,000 Allocated fixed manufacturing costs 2,100,000 Cost of goods available for sale 8,750,000 Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin May 2017 15,120,000 5,700,000 0 U Help Me Solve This eText Pages Get More Help Data Table Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs April May 150 700 600 550 720 9,500 $ 9,500 2,400 2,400 Operating (marketing) costs $ 2,100,000 $ 2,100,000 625,000 625,000