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 (9,500 units) $1,045,000 Production costs (12,000 units): Direct materials $488,400 Direct labor 234,000 Variable factory overhead 117,600 Fixed factory overhead 78,000 918,000 Selling and administrative expenses: Variable selling and administrative expenses $142,300 Fixed selling and administrative expenses 55,100 197.400 If required, round interim per unit calculations to the nearest cent. Absorption Costing Income Statement For the Month Ended July 31 Foedback b. Prepare an income statement according to the variable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Fixed costs