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. Income statement information under variable costing follows.

Sales (255 $1,725)	$ 439,875
Variable cost of goods sold (255 $675)	172,125
Variable selling and administrative expenses (255 $65)	16,575
Contribution margin	251,175
Fixed overhead	85,000
Fixed selling and administrative expenses	90,000
Income	$ 76,175

Prepare the company's income statement under absorption costing.