Production costs (16,000 units): Direct materials $592,000 Direct labor 284,800 Variable factory overhead 142,400 Fixed factory overhead 94,400 1,113,600 Selling and administrative expenses: Variable selling and administrative expenses $172,600 Fixed selling and administrative expenses 66,800 239,400 If required, round interim per-unit calculations to the nearest cent. Question Content Area 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 $Sales Cost of goods sold Cost of goods sold Gross profit $Gross profit Selling and administrative expenses Selling and administrative expenses Operating incom