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Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations 0" MW 1 and operated at 100% of capacity during the rst month. The following data summarize the results for July: Sales (20,000 units) $3,000,000 Production costs (26,000 units): Direct materials $1,443,000 Direct labor 691,600 Variable factory overhead 345,800 Fixed factory overhead 231,400 2,711,800 Selling and administrative expenses: Variable selling and administrative expenses $420,300 Fixed selling and administrative expenses 162.700 533,000 If 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 Sales $ 3,000,000 Cost of goods sold Gross prot $ Selling and administrative expenses 583,000 Operating income $ 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 Sales $ Variable cost of goods sold Manufacturing margin g Variable selling and administrative expenses \"'0 | Contribution margin Fixed costs: Fixed factory overhead costs $ Fixed selling and administrative expenses Total xed costs in | Operating income