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FastTrack Motors assembles and sels motor vehicles and uses standard conting. Actual data to Arland May 2017 are as folows: Click the icon to view the data) The selling price per vehicle is $28.000. The budgeted level of production used to calculate the budgeted feed manufacturing cost per unit is 700 units. There we 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 rest Requirement 1. Prepare Apri and May 2017 income statements for FastTrack Motors under til variable conting and by absorption costing (a) Prepare April and May 2017 income statements for FastTrack Motors under variable conting Complete the top half of the income statement for each month first then complete the bottom portion (Complete all we be for mye eneo) April 2017 May 2017 Revenge Variable cost of goods sold Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Vanable cost of goods sold Vanable operating costs Contribution margin Data table April Unte Beginning inventory Production 700 S 550 Varios Muchacharing cost per unit produced 5 11.000 $ 11.000 Operating marketing coal perunt 3.200 FO Maracturing costs $ 2.100.000 $ 2.100.000 Operating marketing costs 500.000 500.000 Print Done FastTrack 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 $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 700 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 FastTrack Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2017 income statements for FastTrack Motors under variable casting 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 Variable cost of goods sold Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin - X Requirements 1. Prepare April and May 2017 income statements for FastTrack Motors under (a) variable costing and (b) absorption costing. 2. Prepare a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing Print Done