Gallatin County Motors Inc. assembles and sells snowmobile engines. The company be Sales (5,000 units) Production costs (5,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $3,850,000 $1,655,500 712,000 116,000 182,000 2,665,500 $82,600 34,700 117,300 This information has been collected in the Microsoft Excel Online file. Open the spreads X Open spreadsheet 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 Sales Cost of goods sold $ 3,850,000 Gross profit $ Selling and administrative expenses 2,665,500 Operating income $