Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP$3$ 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: Shawnee Motors Inc. assembles and sells MP$3$ 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 $(12,000$ units$)$ Production costs $(15,000$ units$)$: $$1,680,000$ Direct materials Direct labor Variable factory overhead Fixed factory overhead $$777,000373,500186,000124,5001,461,000$ Selling and administrative expenses: Variable selling and administrative expenses $$226,50087,700$ Fixed selling and administrative expenses $314,200$If required, round interim per$-$unit calculations to the nearest cent. a$.$ Prepare an income statement according to the absorption costing concept. Shawnee Motors Inc. Absorption Costing Income Statement For the Month Ended August $31$ Sales Cost of goods sold Gross profit Y Selling and administrative expensesv Income from operations $1,680,000$b$.$ Prepare an income statement according to the variable costing concept. Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August $31$ Fixed costs:b$.$ Prepare an income statement according to the variable costing concept. Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August $31$ Contribution margin Fixed selling and administrative expenses Manufacturing margin Sales Variable selling and administrative expenses