Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells...
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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 (12,500 units) $2,000,000 Production costs (16,000 units): Direct materials $947,200 Direct labor 454,400 Variable factory overhead 227,200 Fixed factory overhead 152,000 1,780,800 Selling and administrative expenses: Variable selling and administrative expenses $276,000 Fixed selling and administrative expenses 106,800 382,800
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