Problem 1: Absorption and variable costing income statements During the first month of operations ended July 31, YoSan Inc. manufactured 10,800 flat panel televisions, of which 9,900 were sold. Operating data for the month are summarized as follows: Sales $1,633,500 Manufacturing costs: Direct materials $842,400 Direct labor 248,400 Variable manufacturing cost 216,000 Fixed manufacturing cost 108,000 1,414,800 Selling and administrative expenses: Variable $128,700 Fixed 59,200 187,900 Required: Instructions 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept. Show your calculations for the ending inventory number. To receive credit for this assignment, students have the following options: Complete the assignment using Microsoft Excel - upload an Excel document. Complete the assignment with paper and pencil - take a picture of the completed pages and upload the pictures. If you are using an Apple device, do not upload an .HEIC file. I will not be able to open it. Complete the assignment using paper and pencil, scan the pages into a PDF - upload the PDF