Income Statements under Absorption Costing and Variable Costing

Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July $1$ and operated at $100\%$ of capacity during the first month. The following data summarize the results for July:

Sales $(10,000$ units$)$ $$1,500,000$

Production costs $(13,000$ units$)$:

Direct materials $$721,500$

Direct labor $345,800$

Variable factory overhead $172,900$

Fixed factory overhead $115,7001,355,900$

Selling and administrative expenses:

Variable selling and administrative expenses $$210,200$

Fixed selling and administrative expenses $81,400291,600$

If required, round interim per$-$unit calculations to the nearest cent.