help me with workings and steps Income Statements under Absorption Costing and Variable CostingGallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July:Sales (8,500 units)$1,275,000Production costs (11,000 units):Direct materialsDirect laborVariable factory overheadFixed factory overheadSelling and administrative expenses:Variable selling and administrative expensesFixed selling and administrative expenses$610,500292,600146,30097,900 1,147,300If required, round interim per-unit calculations to the nearest cent.SalesCost of goods soldGross profitSelling and administrative expensesOperating income$177,80068,800✓a. Prepare an income statement according to the absorption costing concept.Gallatin County Motors Inc.Absorption Costing Income StatementFor the Month Ended July 31✓246,600 )b. Prepare an income statement according to the variable costing concept.Gallatin County Motors Inc.Variable Costing Income StatementFor the Month Ended July 31SalesVariable cost of goods soldManufacturing marginVariable selling and administrative expensesContribution marginFixed costs:Fixed factory overhead costsFixed selling and administrative expensesTotal fixed costsOperating incomeQOQOQ

Name: help me with workings and steps Income Statements under Absorption Cos
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: help me with workings and steps Income Statements under Absorption Costing and Variable CostingGallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the firs