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Income Statements under Absorption Costing and Variable Costing Galiatin County Motors Inc, assembles and selis 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 Julv: If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement accondin b. Prepare an income statement according to the variable costina concent. P Crea dy wur b. Under variable costing. the cost of goods manufactured includes only variable manufacturing costs. C. What is the reason for the dilference in the amount of operating income reported in (a) and (b)? Under the aborption costing method, the fixed manufacturing cost included in the cost of goods sold is matehed with the revenues. Under 1. all of the fixed manufacturine cost is deducted in the period in which it is incurred; regardless of the amount of inventory change. Thus, when inventory inereases, the income statement win have a higher operating income