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Prepare an income statement

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Question - 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:

Sales (19,500 units) $3,120,000 Production costs (25,000 units):  Direct materials$1,480,000 Direct labor710,000  Variable factory overhead355,000  Fixed factory overhead237,500 2,782,500 Selling and administrative expenses:  Variable selling and administrative expenses$431,300  Fixed selling and administrative expenses167,000 598,300

If required, round interim per-unit calculations to the nearest cent.

Required -

a. Prepare an income statement according to the absorption costing concept.

b. Prepare an income statement according to the variable costing concept.

Reference no: EM132983841

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