eBook Show Me How Print Item anTaDIC Shawnee 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 (9,500 units) $1,140,000 Production costs (12,000 units) : Direct materials $532,800 Direct labor 255,600 Variable factory overhead 128,400 Fixed factory overhead 85,200 1,002,000 Selling and administrative expenses: Variable selling and administrative expenses $155,300 Fixed selling and administrative expenses 60,100 215,400 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 V 1,140,000 Cost of goods sold 202,350 X Gross profit 346,750 Selling and administrative expenses v 155,300 X Income from operations 131,350 Nex Check My Work Previous