Nick's Company uses the variable costing method. During the full year of $2023,$ Nick sold $50,000$ pairs of shoes at $$40$ per pair. Its variable costs of goods sold were $$15$ per pair. Its fixed manufacturing costs per unit were estimated at $$5\mathrm{.}50$ per pair. The company's actual total fixed manufacturing costs were $$200,000.$ The company's variable selling and administrative expenses together were $$5$ per pair. The fixed selling and administrative expenses were $$125,000.$

Prepare the Nick's Company Income Statement under the Variable Costing Approach for the year ended $12/31/2023.$