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, 350 bikes were produced and 225 were sold; this left 125 bikes in ending inventory. The income statement information under variable costing follows.

Sales (225 $1,625)	$	365,625
Variable product cost (225 $675)		151,875
Variable selling and administrative expenses (225 $65)		14,625
Contribution margin		199,125
Fixed overhead cost		63,000
Fixed selling and administrative expense		95,000
Net income	$	41,125

1. Prepare this company's income statement for its first month of operations under absorption costing. (Round your intermediate calculations to the nearest whole dollar.)