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 summarizes the results for July. Prepares an income statement according to the absorption costing concept. Determine: -sales, -cost of goods sold -gross profit -selling and administrative expenses -and operating income.? Additionally, prepares an income statement according to the variable costing concept. Determine: -sales -variable cost of goods sold -manufacturing margin -variable selling and administrative expenses -contribution margin -fixed factory overhead costs -fixed selling and administrative expenses -total fixed costs -operating income.?

me Statements under Absorption Costing and Variable Costing Inco Gallatin County Motors Inc. assembles and sells snowmobile engines. the rst month. The following data summarize the results for July: Sales (8,500 units) Production costs (11,000 units): Direct materials $610,500 Direct labor ' 292,600 Variable factory overhead 146,300 Fixed factory overhead 97,900 Selling and administrative expenses: Variable selling and administrative expenses 5177.800 Fixed selling and administrative expenses 68,800 If required, round interim per-unit calculations to the nearest cent. The company began operations on July 1 and operated a $1,275,000 1,147,300 246,600 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 ; J 8 1375000 ~/ Cost of goods sold v .1 i t 100% of capacity during i l I