ment/takeAssignmentMain.doinvoker&takeAssignmentSession locator &inprogress-false eBook Show Me How Calculator Printem Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. 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: Sales (10,500 units) $1,470,000 Production costs (14,000 units): Direct materials $725,200 Direct labor 348,600 Variable factory overhead 173,600 Fixed factory overhead 116,200 1,363,600 Selling and administrative expenses Variable selling and administrative expenses $211,400 Pied selling and administrative expenses 11,800 293,200 If required, round interim per unit calculations to the nearest cent a. Prepare an income statement according to the absorption costing concept Shawnee Motors Inc. Absorption Costing Income Statement eBook Show Me How Calculator Absorption Costing Income Statement For the Month Ended August 31 Sales $ Cost of goods sold Gross profit Selling and administrative expenses Income from operations Feedback Check Work a. Under absorption costing the cost of goods manufactured includes direc overhead Ent/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August 31 Sales Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin 00000 UD Fixed costs: Fixed factory overhead Fixed selling and administrative expenses Total fixed costs Income from operations Feedback Check My Work Under variable costing, the cost of goods manufactured includes only variable manufacturing cost Leaming Objective 1