3 Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 400 bikes were produced and 240 were sold. Income statement information under variable costing follows. Sales (240 $1,775) Variable cost of goods sold (240 $675) 10 pos Skippert Fixed overhead elleck Variable selling and administrative expenses (240 $55) Contribution margin Fixed selling and administrative expenses Income Prepare the company's income statement under absorption costing HAYEK BIKES Income Statement (Absorption Costing $426,000 162,000 13,200 250,000 72.000 75,000 1103,800 P Mc Graw H < Prev 3 of 6 Next > Check my work