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 $2,600,000.00 + Sales (4.000 units) Production costs (4350 units) 1 Direct materials $1,218,000.00 Direct labor 522,000.00 5 Variable factory overhead 87,000.00 . 150,500.00 1,957,500.00 Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $60,000.00 25,000.00 85.000.00 Required: a Prepare an income statement according to the absorption costing concept b. Prepare an income statement according to the variable costing concept. c. What is the reason for the difference in the amount of operating income reported in (a) and (b)? "Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer Previous Labels Fixed costs For the Month Ended July 31 July 31 Amount Descriptions Contribution margin I Contribution margin ratio Cost of goods sold Fixed factory overhead costs Fixed selling and administrative expenses Gross profit Operating income Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Selling and administrative expenses Total fixed costs Variable cost of goods sold Variable selling and administrative expenses Check My Work a Propware an income statement according to the absorption costing concept. Be sure to complete the statement reading. Peter to the stor Cabels and Amount Descriptions provided to me exact wording of the answer choice for tant entries. A colon () will automatically appear it is required Enter amounts as poolve number ones the amount as a calculation dat results in a negative amount. For example et tous should be negative. Expenses should be postia Question not attempted Galtatin County Motors Inc Absorption Costing Income Statement Score: 0/4) (Label) 2 3 Points 0/11 ebook Show Me How Prepare an income statement according to the variable costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear it is required. Enter amounts as postvo numeas ness to anount calculation that results in a negative amount. For example: et tous should be negative. Expenses should be positive Question not attempted. Score: 0/84 Galtatin County Motors Inc Variable Costing Income Statement (Label 1 2 3 5 Label 7 8 39