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Question - 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:
Sales (11,500 units)
$1,840,000
Production costs (15,000 units):
Direct materials
$888,000
Direct labor
426,000
Variable factory overhead
213,000
Fixed factory overhead
142,500
1,669,500
Selling and administrative expenses:
Variable selling and administrative expenses
$258,800
Fixed selling and administrative expenses
100,200
359,000
If required, round interim per-unit calculations to the nearest cent.
a. Prepare an income statement according to the absorption costing concept.
b. Prepare an income statement according to the variable costing concept.
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