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Font Paragraph Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (18,500 units) Production costs (24,000 units): $2,220,000 Direct materials $1,065,600 Direct labor Variable factory overhead Fixed factory overhead 511,200 256,800 170,4002,004,000 Sellina and administrative expe Variable selling and administrative expenses Fixed selling and administrative expenses $310,600 120,200 430,800 If required, round interim per-unit calculations to the nearest cent a. Prepare an income statement according to the absorption costing concept. Absorption Costing Income Statement For the Month Ended Auqust 31 2.220,000 Cost of goods 1,544,750 sold from