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b$.$ Prepare an income statement according to the variable costing concept.

Gallatin County Motors Inc.

Variable Costing Income Statement For the Month Ended July $31$

Variable cost of goods sold $$

Manufacturing margin

Variable selling and administrative expenses

$$

Fixed costs:

Fixed factory overhead costs

Fixed selling and administrative expenses

Total fixed costs

Operating income

$$1,925,000$

$$ $ $$

$$

$

$ $$

$$

$$

$$ $