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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
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July and operated at of capacity during the first month. The following data summarize the results for July: Sales units $ Production costs units: Direct materials $ Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses $ Fixed selling and administrative expenses If required, round interim perunit 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 Sales Cost of goods sold Gross profit Selling and administrative expenses Operating income
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July and operated at of capacity during the first month. The following data summarize the results for July: Sales units $ Production costs units: Direct materials $ Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses $ Fixed selling and administrative expenses If required, round interim perunit 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 Sales Cost of goods sold Gross profit Selling and administrative expenses Operating income
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