Please do not give solution in image format thanku a. Prepare an income statement according to the absorption costing concept.Gallatin County Motors Inc.Absorption Costing Income StatementFor the Month Ended July 31SalesCost of goods soldGross profitSelling and administrative expensesOperating incomeb. Prepare an income statement according to the variable costing concept.Gallatin County Motors Inc.Variable Costing Income StatementFor the Month Ended July 31SalesVariable cost of goods soldManufacturing marginVariable selling and administrative expensesContribution marginFixed costs:Fixed factory overhead costsFixed selling and administrative expensesTotal fixed costsOperating incomec. What is the reason for the difference in the amount of operating income reported in (a) and (b)?Under the absorption costing✔method, the fixed manufacturing cost included in the cost of goods sold is matched with the revenues. Under variable costing.of the fixed manufacturing cost is deducted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when inventory increases, theabsorption costing ✔income statement will have a higher operating income.✓, all Income Statements under Absorption Costing and Variable CostingGallatin 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 followingdata summarize the results for July:Sales (20,000 units)Production costs (26,000 units):Direct materialsDirect laborVariable factory overheadFixed factory overheadSelling and administrative expenses:Variable selling and administrative expensesFixed selling and administrative expenses$962,000462,800231,400153,400 1,809,600$280,500108,600$2,000,000If required, round interim per-unit calculations to the nearest cent.389,100

Absorption costing;Sale-COGS-Other expense = Operating incomeVariable costing;Sale-Variable…

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 (20,000 units) Production costs (26,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $962,000 462,800 231,400 153,400 $280,500 108,600 $2,000,000 1,809,600 389,100

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 (20,000 units) Production costs (26,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $962,000 462,800 231,400 153,400 $280,500 108,600 $2,000,000 1,809,600 389,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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