b. Prepare an income statement according to the variable costing concept. a. Prepare an income statement according to the absorption costing concept. Fixed costs For the Month Ended March 31 March 31 Amount Descriptions Contribution margin Contribution margin ratio Cost of goods sold Fixed factory overhead costs Fixed selling and administrative expenses Gross profit Operating income Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Selling and administrative expenses Total fixed costs Variable cost of goods sold Crazy Mountain Sports Inc. assembles and sells snowmobile engines. The company began operations on March 1 and operated at 100% of capacity during the first month. The following data summarize the results for March: Required: a. Prepare an income statement according to the absorption costing concept. b. Prepare an income statement according to the variable costing concept
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