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Prepare an income statement according to absorption costing

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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 (15,500 units)

$1,705,000

Production costs (20,000 units):

Direct materials

$814,000

Direct labor

390,000

Variable factory overhead

196,000

Fixed factory overhead

130,000

1,530,000

Selling and administrative expenses:

Variable selling and administrative expenses

$237,200

Fixed selling and administrative expenses

91,800

329,000

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

Required - Prepare an income statement according to the absorption costing concept.

Reference no: EM133173605

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