Exercise $19-10($Algo$)$ Absorption costing income statement LO P$2$

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, $325$ bikes were produced and $215$ were sold. Income statement information under variable costing follows.

Sales $(215$$$1,725)$

Variable cost of goods sold $(215$$$625)$

Variable selling and administrative expenses $(215$$$70)$

Contribution margin

Fixed overhead

Fixed selling and administrative expenses

Income

$\backslash$table$[[],[$$$370,875$