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Income Statements under Absorption Costing and Variable Costing Galtatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on May 1 and operated at 100% of Croacity during the first month. The following data summarize the results for July Sales (9,000 units) 51,350,000 Production costs (12,000 units): Direct materials 3666,000 Direct labor 319,200 Variable factory overhead 159,600 Fixed factory overhead 106,800 1,251.600 Selling and administrative expenses Variable selling and administrative expenses $194,000 Fixed selling and administrative expenses 75,00 269,100 It required, round interim per unit calculations to the nearest cont 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 Cost of goods sold a. Prepare an income statement according to the absorption casting concept Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales Cost of goods sold Gross profis Selling and administrative expenses Operating Income For Ches a. Under absorption costing, the cost of goods manufactured includes direct materials, direct aber and actory overed costs and variable factory costs are included as part of factory overhead b. Prepare an income statement according to the variable costing concept Gallatin County Motors Inc. Variable Costing Income Statement Fol the Month Ended July 31 Sales . Variable cost of goods sold Next b. Prepare an income statement according to the variable costing concept Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Sales . Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Foxed costs Fixed factory overhead costs Fixed selling and administrative expenses Total fixed costs 00 Operating Income Feeds Check My Wor D. Under variable contiya, the cost of goods manufactured includes only variable manusctuning costs 5. What is the reason for the difference in the amount of operating income reported in (a) and (b)