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 following data summarize the results for August: Sales (9,500 units) $1,140,000 Production costs (12,000 units) : Direct materials $532,800 Direct labor 255,600 Variable factory overhead 128,400 Fixed factory overhead 35,200 1,002,000 Selling and administrative expenses: Variable selling and administrative expenses $155,300 Fixed selling and administrative expenses 60,100 215,400 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 V Cost of goods sold v Gross profit Selling and administrative expenses v Income from operations v Check My Work