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Income Statement: under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. The companyr began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results [or August: Sales (12,000 units) $1,030,000 Production costs (15,000 units): Direct materials $499,500 Direct labor 240,000 Variable factory overhead 120,000 Fixed factory overhead 79,500 939,000 Selling and administrative expenses: Variable selling and administrative acpenses $145,500 ) Fixed seliing and administrative expenses 56,300 201,800 If required, round interim per-unit caiculations 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 J Cost of goods sold J Gross prot J Sell and administrative expenses J Income from operations J