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Absorption and variable costing income statements Instructions During the first month of operations ended March 31, IceBox Fridgeration Company manufactured 40,000 mini refrigerators, of 36,000 were sold. Operating data for the month are summarized a follows: Required: 1. Prepare an income statement based on the absorption costin concept. 2 Prepare an income statement based on the variable costing concept. 3 Explain the reason for the difference in the amount of operatit income reported in (1) and (2). Income statements under and Instructions razy Mountain Sports Inc. assembles and sells snowmobile engines. The company began operations on nd operated at 100% of capacity during the first month. The following data summarize the results for Mar Required: a. Prepare an income statement according to the absorption costing concept. b. Prepare an income statement according to the variable costing concept. c. What is the reason for the difference in the amount of Operating income reported in (a) and (b)