Income Statements under Absorption Casting 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 data summarize the results for July Sales (8,500 units) Production costs (11,000 units): Direct materials Direct labor $1,190,000 $569,800 273,900 136,400 91,300 1,071,400 Variable factory overhead Fixed factory overhead Selling and administrative expenses Variable seling and administrative expenses $166,100 Fixed selling and administrative expenses 64,300 230,400 required, round interim per-unit calculations to the nearest cent a. Prepare an income statement according to the absorption costing concept Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 Prepare an income statement according to the variable coating concept Gallatin County Motors Inc. Variable Costing Income Statement Check My Work Check My Work 20 228 4 %6 5 F R 96 T Y & 29 4 U Previous Not Seve and Ext Subnet Asign for Grading D 8 .00 69 3 0 O P G H J K L D M M V V