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, 425 bikes were produced and 255 were sold; this left 170 bikes in ending inventory. The income statement information under variable costing follows. Sales (255 * $1,700) Variable product cost (255 x $625) Variable selling and administrative expenses (255 * $60) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $ 433,500 159,375 15,300 258,825 80,750 85,000 $ 93,075 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.) HAYEK BIKES Absorption Costing Income Statement Net income (loss) Fixed costs added to inventory