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Income Statements under Absorption Costing and Variable Costin? Gallatin County Motors inc assembles and sells snowmobile engines. The compary began operations on July 1 and operated at 100% of capacity during the fust inant following data summarize the results for July: If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costang concept. b. Prepare an income statement according to the variable costing concept. b. Prepare an income statement according to the variable costing concept. c. What is the reason for the difference in the amount of operating income reported in (a) and (b)? Urider the method, the fixed manufacturing cost included in the cost of goods sold is matched with the revenues linder the faxed manufacturing cost is deducted in the period in which it is incurred, regardess of the amount of inventory change. Thas, whien inventory ' income statement will have a higher operating income