Frigid Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1, 2016, and operated at 100% of capacity during the first month. The following data summarize the results for July: 1 Sales (38,000 units) $9,500,000.00 2 Production costs (46,500 units): 3 Direct materials $4,650,000.00 4 Direct labor 1,860,000.00 5 Variable factory overhead 1,162,500.00 6 Fixed factory overhead 697,500.00 8,370,000.00 7 Selling and administrative expenses: 8 Variable selling and administrative expenses $1,250,000.00 9 Fixed selling and administrative expenses 235,000.00 1,485,000.00 Required: A. Prepare an income statement according to the absorption costing concept.* B. Prepare an income statement according to the variable costing concept. A colon (:) will automatically appear if it is required." C. What is the reason for the difference in the amount of income from operations reported in (A) and (B)