Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobi

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Income Statements under Absorption Costing and Variable
Costing
Gallatin 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:
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.
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a. Under absorption costing, the cost of goods manufactured
includes direct materials, direct labor, and factory overhead
costs. Both fixed and variable factory costs are included as part
of factory overhead.
Question Content Area
b. Prepare an income statement according
to the variable costing concept.