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Cool Ride Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows: (Click the icon to view the data.) The selling price per vehicle is $21,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 400 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. Read the requirements. Requirement 1. Prepare April and May 2017 income statements for Cool Ride Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2017 income statements for Cool Ride Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all answer boxes. Enter a "0" for any zero balance accounts.) April 2017 May 2017 Revenues $7,350,000 $8,295,000 Variable cost of goods sold: Requirements Beginning inventory $ 0 $ 450,000 Variable manufacturing costs 3,600,000 3,375,000 1. Prepare April and May 2017 income statements for Cost of goods available for sale 3,600,000 3.825,000 Cool Ride Motors under (a) variable costing and (b) Deduct ending inventory (450,000) (270,000) absorption costing. 2. Prepare a numerical reconciliation and explanation of Variable cost of goods sold 3,150,000 3,555,000 the difference between operating income for each Variable operating costs 1,330,000 month under variable costing and absorption costing. 1,501,000 Contribution margin 2,870,000 3,239,000 Print Done Fixed manufacturing costs 2,200,000 2,200,000 Fixed operating costs 625,000 625,000 Operating income $ 45,000 $ 414,000 (b) Prepare April and May 2017 income statements for Cool Ride 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). If an account does not have a variance, do not select a label.) April 2017 May 2017 Data Table Revenues 7350000 8295000 Cost of goods sold: April May Beginning inventory Unit data: Variable manufacturing costs Beginning inventory 50 Production 400 375 Allocated fixed manufacturing costs Sales 350 395 Cost of goods available for sale Variable costs: Deduct ending inventory Manufacturing cost per unit produced Adjustment for production-volume $ 9.000 S 9.000 variance Operating (marketing) cost per unit sold 3,800 3,800 Cost of goods sold Fixed costs: Gross margin Manufacturing costs $2,200,000 $2,200,000 Operating (marketing) costs 625.000 625,000