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income from operations Feedback Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory overhead. Learning Objective 1 b. Prepare an income statement according to the variable costing concept. Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August 31 Sales Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed factory overhead Fixed selling and administrative expenses Total fixed costs Income from operations FeedbackShawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (18,000 units) $2,160,000 Production costs (23,000 units); Direct materials $1,021,200 Direct labor 489.900 Variable factory overhead 246,100 Fixed factory overhead 163,300 1,920,500 Selling and administrative expenses: Variable selling and administrative expenses $297,700 Fixed selling and administrative expenses 115,200 412,900 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Shawnee Motors Inc. Absorption Costing Income Statement For the Month Ended August 31 sales Cost of goods sold Gross profit Selling and administrat ive expenses income from operations $