Problem $1$: Absorption and variable costing income statements

During the first month of operations ended July $31,$ YoSan Inc. manufactured $11,900$ flat panel televisions, of which $11,200$ were sold. Operating data for the month are summarized as follows:

Sales

$$1,904,000$

Manufacturing costs:

Direct materials

$$952,000$

Direct labor

$285,600$

Variable manufacturing cost

$238,000$

Fixed manufacturing cost

$119,000$

$1,594,600$

Selling and administrative

expenses:

Variable

$$156,800$

Fixed

$72,100,228,900$

Required:

Instructions

Prepare an income statement based on the absorption costing concept.

Prepare an income statement based on the variable costing concept.

Show your calculations for the ending inventory number.