January Absorption Variable February Absorption Variable costing costing costing costing $ $ Total product cost Requirement 2a. Prepare separate monthly income statements for January and for February using absorption costing. (L Ned's Entrees Income Statement (Absorption Costing) Sales revenue Less: Cost of goods sold: Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Gross profit Operating expenses Operating income Month Ended January 31 $ February 28 S $ $