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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 (9,000 units)
$1,260,000
Production costs (12,000 units):
Direct materials
$621,600
Direct labor
298,800
Variable factory overhead
148,800
Fixed factory overhead
99,600
1,168,800
Selling and administrative expenses:
Variable selling and administrative expenses
$181,200
Fixed selling and administrative expenses
70,100
251,300
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.
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