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Income Statements underAbsorption CostingandVariable 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 (13,000 units) 2,080,000

Production costs (17,000 units):

Direct materials $1,006,400

Direct labor 482,800

Variable factory overhead 241,400

Fixed factory overhead 161,500 1,892,100

Selling and administrative expenses:

Variable selling and administrative expenses $293,300

Fixed selling and administrative expenses 113,500 406,800

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

the Month Ended July 31

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