Also label and amount descriptions, absorption costing income statement, variable costing income statement. Labels and Amount DescriptionsAbsorption Costing Income StatementInstructionsFixed selling and administrative expenses235,000.001,485,000.00Required: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)?* Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answerchoices for text entries. A colon () will automatically appear if it is required. Enter amounts as positive numbers unless the amount is acalculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during thefirst month. The following data summarize the results for July:$9,500,000.001 Sales (38,000 units)2 Production costs (46,500 units):$4,650,000.00Direct materials1,860,000.004Direct labor1,162,500.00Variable factory overhead697,500.008.370,000.006Fixed factory overhead7 Selling and administrative expenses:

Name: Also label and amount descriptions, absorption costing income statemen
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Also label and amount descriptions, absorption costing income statement, variable costing income statement. Labels and Amount DescriptionsAbsorption Costing Income StatementInstructionsFixed selling and administrative expenses235,000.001,485,000.00Re