My Home X CengageNOWv2 | Online teachin x * Homework Help - Q&A from Onl x SNHU X + X C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Q x Problem Set: Module 6 eBook Show Me How ? 1. EX.07. 12.ALGO Production costs (21,000 units): Direct materials $1,010,100 2. TMM.07.01 Direct labor 485,100 Variable factory overhead 241,500 3. EX.07.02.ALGO Fixed factory overhead 161,700 1,898,400 4. TMM.07.05 Selling and administrative expenses: Variable selling and administrative expenses $294,300 5. EX.07.05.ALGO Fixed selling and administrative expenses 113,900 408,200 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 v Cost of goods sold v Gross profit v Selling and administrative expenses v Operating income v Feedback Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory overhead Progress: 3/5 items Check My Work Previous Next > Assignment Score: 79.97% All work saved. Email Instructor Save and Exit Submit Assignment for Grading Type here to search O 12:22 PM 8/2/2021My Home X CengageNOWv2 | Online teachin * * Homework Help - Q&A from Onl x SNHU X + X C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Q x Problem Set: Module 6 eBook Show Me How 1. EX.07. 12.ALGO Check My Work 2. TMM.07.01 3. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory overhead. 3. EX.07.02.ALGO 4. TMM.07.05 b. Prepare an income statement according to the variable costing concept. Gallatin County Motors Inc. 5. EX.07.05.ALGO Variable Costing Income Statement For the Month Ended July 31 Sales v Variable cost of goods sold v Manufacturing margin v Variable selling and administrative expenses v Contribution margin v Fixed costs: Fixed factory overhead costs v Fixed selling and administrative expenses v Total fixed costs v Operating income v Feedback Check My Wark b. Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. Progress: 3/5 items Check My Work Previous Next> Assignment Score: 79.97% All work saved. Email Instructor Save and Exit Submit Assignment for Grading Type here to search O 12:22 PM 8/2/2021