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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 (14,500 units)
$2,030,000
Production costs (19,000 units):
Direct materials
$984,200
Direct labor
473,100
Variable factory overhead
235,600
Fixed factory overhead
157,700
1,850,600
Selling and administrative expenses:
Variable selling and administrative expenses
$286,800
Fixed selling and administrative expenses
111,000
397,800
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.
c. What is the reason for the difference in the amount of operating income reported in (a) and (b)?
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