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Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembls and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the rst month. The following data summarize the results for August: Sales (12,000 units) $1,080,000 Production costs (15,000 units]: Direct materials $499,500 Direct labor 240,000 Variabie factory overhead 120,000 Fixed factoryr overhead 79,500 939,000 Seliing and administrative expenses: Variabie seiling and administrative expenses $145500 Fixed selling and administrative expenses 56,300 201,000 If required, round interim periunit caicuiations to the nearest cent. a. Prepare an income statement awarding to the absorption costing concept. Shawnee Motors Inc. Absorption Cosling Income Statement For the Month Ended August 31 Sales J Cost of goods sold J Gross prot .1 Sel g and administrative expenses J Income from operations .1 00000