Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 49,000 units, but its production was 79,000 units. It had no beginning finished goods inventory for the current period. DIAZ COMPANY Income Statement (Variable Costing) Sales (49,800 units * $59.88 per unit) $2,891,000 Variable expenses Variable manufacturing expense (49,000 units * $27.99 per unit) 1,367,100 Variable selling and admin. expense (49,000 units * $4.99 per unit) 240,100 Total variable expenses 1,607,200 Contribution margin 1,283,800 Fixed expenses Fixed overhead 308,109 Fixed selling and administrative expense 154,050 Total fixed expenses 462, 150 Net income $ 821,650 Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 49,000 units, but its production was 79,000 units. It had no beginning finished goods inventory for the current period. DIAZ COMPANY Income Statement (Variable Costing) Sales (49,800 units * $59.88 per unit) $2,891,000 Variable expenses Variable manufacturing expense (49,000 units * $27.99 per unit) 1,367,100 Variable selling and admin. expense (49,000 units * $4.99 per unit) 240,100 Total variable expenses 1,607,200 Contribution margin 1,283,800 Fixed expenses Fixed overhead 308,109 Fixed selling and administrative expense 154,050 Total fixed expenses 462, 150 Net income $ 821,650