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: $900,000 Sales (9,000 units) Production costs (12,000 units): Direct materials $444,000 Direct labor 213,600 Variable factory overhead 106,800 70,800 835,200 Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses $129,500 Fixed selling and administrative expenses 50,100 179,600 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 $ 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: $