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 (11,500 units) $1,495,000 Production costs (15,000 units) Direct materials $721,500 Direct labor 346,500 Variable factory overhead 172,500 Fixed factory overhead 115,500 1,356,000 Selling and administrative expenses: Variable selling and administrative expenses $210,200 Fixed selling and administrative expenses 81,400 291,600 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 Shawnee Motors Inc. Absorption Costing Income Statement For the Month Ended August 31