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 (20,000 units) Production costs (26,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead $3,000,000 $1,443,000 691,600 345,800 231,400 2,711,800 Selling and administrative expenses: Variable selling and administrative expenses $420,300 Fixed selling and administrative expenses 162,700 583,000 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 Statement For the Month Ended July 31