CengageNOWv2 | Online teaching and learning resource from Cengage Learning .com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true eBook Show Me How ncome Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following dat summarize the results for July: Sales (19,000 units) $2,280,000 Production costs (25,000 units) : Direct materials $1,110,000 Direct labor 532,500 Variable factory overhead 267,500 Fixed factory overhead 177,500 2,087,500 Selling and administrative expenses: Variable selling and administrative expenses $323.600 Fixed selling and administrative expenses 125,300 448,900 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income stateme ccording to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales V Cost of goods sold Gross profit Selling and administrative expenses Operating income