Galistin 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 follow data summarize the results for Nily: Sales (5,000 units) $1,100,000 Production costs (5,000 units) Direct materials $1,333,000 Direct labor 573,000 Variable factory overhead 93,500 Fixed factory overhead 146,500 2,146,000 Selling and administrative expenses Variabile selling and administrative expenses $66,500 Fixed selling and administrative expenses 27.900 94,400 This information has been collected in the Microsoft Excel Online Me. Open the spreadsheet, perform the required analysis, and input your answers in the questions below H Open spreadsheet Prepare an income statement according to the absorption costing concept Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 1 a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $ $