Exercise 19-12 (Algo) Prepare variable costing income statement LO P2 Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods. Inventory. Dion produced 21,800 units, and 2,900 units remain in ending finished goods Inventory for May. Fixed overhead was $43,600. Variable selling and administration expenses were $39,000 and fixed selling and administrative expenses were $19,400. Sales (18,900 units) Cost of goods sold Gross profit Selling and administrative expenses Income $ 378,000 294,000 84,000 58,400 $ 25,600 Prepare an income statement using variable costing. DION COMPANY Income Statement (Variable Costing)