= Homework: Chapter 9 Homework Cool Car Motors assembles and sells motor vehicles and uses standard costing. Actual data and variab relating to April and May 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the variable costing income statements.) (Click the icon to view the absorption costing income statements.) Data table Unit data: Beginning inventory Requirement 1. Prepare income statements for Cool Car Motors in April and May 2017 under throughp Begin by completing the top portion of the statement, then the bottom portion. (Complete all answer bo April 2017 May 2017 Production Sales Variable costs: Revenues variable costing income statements Revenues Variable costs: HW Score: 23.69%, 0.95 of 4 points O Points: 0 of 1 hit o Data table April May nan 0 150 April May 500 425 Direct material cost per unit $ 7,100 $ 7,100 350 545 Direct manufacturing labor cost per unit Manufacturing overhead cost per unit 1,800 1,800 600 600 Manufacturing cost per unit produced $ Operating (marketing) cost per unit sold 9,500 $ 3,200 9,500 3,200 Fixed costs: Manufacturing costs Operating (marketing) costs $ 2,250,000 $ 2,250,000 675,000 675,000 The selling price per vehicle is $25,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. April 2017 May 2017 $ 8,750,000 $ 13,625,000 Beginning inventory $ 0 $ 1,425,000 4,750,000 4,037,500 Variable manufacturing costs Cost of goods available for sale Less: Ending inventory Variable cost of goods sold 4,750,000 (1,425,000) 5,462,500 (285,000) 3,325,000 5,177,500 Variable operating costs 1,120,000 1,744,000 4,445,000 Total variable costs Contribution margin 4,305,000 Fixed costs: Fixed manufacturing costs 2,250,000 2,250,000 Fixed operating costs 675,000 675,000 Total fixed costs 2,925,000 Operating income $ 1,380,000 Print Done Print Done absorption costing income statements Revenues Cost of goods sold: Beginning inventory April 2017 May 2017 $ 8,750,000 $ 13,625,000 $ 0 $ 2,100,000 Variable manufacturing costs 4,750,000 2,250,000 4,037,500 1,912,500 Allocated fixed manufacturing costs Cost of goods available for sale 7,000,000 8,050,000 Less: Ending inventory (2,100,000) (420,000) 0 Adjustment for production-volume variance 337,500 U 4,900,000 7,967,500 3,850,000 5,657,500 6,921,500 6,703,500 Gross margin Cost of goods sold Operating costs: Variable operating costs Fixed operating costs 1,120,000 675,000 1,744,000 675,000 1,795,000 2,419,000 $ 2,055,000 $ 3,238,500 2,925,000 $ 3,778,500 Total operating costs Operating income Save