b My Questions bartleby X C During The First Month Of Opera X me teach X engagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpr Calculator Print Item Show Me How eBook Variable Absorption Costing Income Statement HEETA... 2. Prepa 1. Prepare an income statement based on the absorption costing concept. Be sure to complete the statement Descript heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer positive. choices for text entries. A colon () will automatically appear if it is required. Enter amounits as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative Kodiak Fridgeration Company Absorption Costing Income Statement 1 (Label) 2 (Labe 2 (Label) 3 4 5 6 7 7 9 (Label 10 11 12 13 Check My Work 8 more Check My Work uses remaining. All work saved. LL -LAB2-T-01 nent-take&inprogress-false Fr Variable Costing Income Statement 2. Prepare an income statement based on the variable costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount ent Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. bers tive. Kodiak Fridgeration Company Variable Costing Income Statement (Label) 2 (Label) 9 (Label) 10 11 12 13 Next Previous Submit Assignment for Grading Save and Exit All work saved. 10:09 PM 10/29/2019 LL

During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 46,000 mini refrigerators, of which 42,000 were sold. Operating data for the month are summarized as follows:

1	Sales		$9,660,000.00
2	Manufacturing costs:
3	Direct materials	$3,220,000.00
4	Direct labor	1,380,000.00
5	Variable manufacturing cost	828,000.00
6	Fixed manufacturing cost	506,000.00	5,934,000.00
7	Selling and administrative expenses:
8	Variable	$756,000.00
9	Fixed	294,000.00	1,050,000.00

Required:

Prepare an income statement based on the absorption costing concept.*

Prepare an income statement based on the variable costing concept.*

Explain the reason for the difference in the amount of operating income reported in (1) and (2).

* Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative.

Labels
August 31
Cost of goods sold
Fixed costs
For the Month Ended August 31
Variable cost of goods sold
Amount Descriptions
Contribution margin
Contribution margin ratio
Cost of goods manufactured
Fixed manufacturing costs
Fixed selling and administrative expenses
Gross profit
Operating income
Inventory, August 31
Loss from operations
Manufacturing margin
Planned contribution margin
Sales
Sales mix
Selling and administrative expenses
Total cost of goods sold
Total fixed costs
Total variable cost of goods sold
Variable cost of goods manufactured
Variable selling and administrative expenses