Labels and Amount Descriptions Labels Fixed costs For the Month Ended August 31 August 31 Amount Descriptions Contribution margin Contribution margin ratio Cost of goods sold Fixed factory overhead costs Fixed selling and administrative expenses Gross profit Income from operations Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Selling and administrative expenses Total fixed costs Variable cost of goods sold Variable selling and administrative expenses b. Prepare an income statement according to the variable costing concept. Fefer to the lsts of Labels and Amount Descriptions for the exact nording of Bthe answer cheices for text erthes. Be sure to complete the statement heading. A colon Qg will automaticaly appear if if is required. Enter all amounts as positive fumbers. Shawnee Motors Inc. assembles and sels snowmobile engines. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Required: a. Prepare an income statement according to the absorptian costing concept. b. Prepare an income statement according to the variable costing concept* c. What is the reason for the difference in the anount of income from operations reported in (a) and (b)? - Refer to the ists of Labeis and Amount Descriptions for the exact wording of the answer choices for lext entries. Be sure to complete the statement hesding. A coton ( U will automatically appear if t is required. Enter all amounts as positive numbers. Absorption Costing Income Statement entries. De sure to complete the statemont heading. A colon () wir automaticaly appear if it is requined Enter all amounts as postove numbers. Shuwnee Motors inc. Absorption Costing incone Statement (uaber)