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 $(18,000$ units$)$ $$2,340,000$ Production costs $(23,000$ units$)$: Direct materials $$1,106,300$ Direct labor $531,300$ Variable factory overhead $264,500$ Fixed factory overhead $177,1002,079,200$ Selling and administrative expenses: Variable selling and administrative expenses $$322,300$ Fixed selling and administrative expenses $124,800447,100$ 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