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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 Julyr 1 and operated at 100% of capacity during the rst month. The following data summarize the results for July: Sales (11,500 units) $1,610,000 Production costs (15,000 units): Direct materials $??7,000 Direct labor 3?3,5l}3 variable factory overhead 136,000 Fixed factory overhead 124,500 1,461,000 Selling and administrative expenses: ) variable selling and administrative expenses $226,500 Fixed selling and administrative expenses 37,700 314,200 If required, round interim perhunit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Gallatln County Motor: Inc. Absorption costing Income statement For the Month Ended July 31 Sales V $ 1,610,000 Cost of goods sold v Gross profit v Selling and administrative expenses v Operating income v Feedback Check My Work b. Prepare an income statement according to the variable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31Sales v 1,610,000 Variable cost of goods sold v Manufacturing margin v Variable selling and administrative expenses Contribution margin v Fixed costs: Fixed factory overhead costs v Fixed selling and administrative expenses Total fixed costs v Operating income v