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, 375 bikes were produced and 225 were sold; this left 150 bikes in ending inventory. The income statement information under variable costing follows. Sales (225 x $1,600) Variable product cost (225 x $650) Variable selling and administrative expenses (225 x $65) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $360, eee 146,25e 14,625 199,125 75, eee se, eee 44,125 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.) HAYEK BIKES Absorption Costing Income Statement