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 (16,500 units) $2,145,000 Production costs (21,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead $1,010,100 485,100 241,500 161,700 1,898,400 Seling and administrative expenses: Variable selling and administrative expenses $294,300 Fixed selling and administrative expenses 113,900 408,200 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales Cost of goods sold Gross profit Selling and administrative expenses Operating income Check My Work 3 more Check My Work uses remaining Next Email Instructor Save and Exit Submit Assignment for Grading