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 x $1,725) Variable cost of goods sold (215 x $650) Variable selling and administrative expenses (215 x $55) Contribution margin Fixed overhead Fixed selling and administrative expenses Income $ 370,875 139,750 11,825 219,300 58,500 75,000 $ 85,800 Prepare the company's Income statement under absorption costing. HAYEK BIKES Income Statement (Absorption Costing) 0 $ 0