Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (15,000 units) $1,950,000 Production costs (19,000 units): Direct materials $913,900 Direct labor 438,900 Variable factory overhead 218,500 Fixed factory overhead 146,300 1,717,600 Selling and administrative expenses: Variable selling and administrative expenses $266,200 Fixed selling and administrative expenses 103,100 369,300 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Shawnee Motors Inc. Ab nt come State For the Month Ended August 31 Sales 1,950,000 Cost of goods sold Gross profit $ Selling and administrative expenses Income from operations $ Feedback b. Prepare an income statement according to the variable costing concept. Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August 31 Sales 1,950,000 Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin $ Fixed costs: Fixed factory overhead Fixed selling and administrative expenses V Total fixed costs Income from operations