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 (14,500 units) Production costs (19,000 units): $1,740,000 Direct materials Direct labor Variable factory overhead Fixed factory overhead $843,600 404,700 203,300 134,9001,586,500 Selling and administrative expenses: Variable selling and administrative expenses $245,900 Fixed selling and administrative expenses 95,200 341,100 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 1,740,000V Cost of goods sold