The income statement in the traditional reporting format for Green Products, Inc., for the year ended December 31, is as follows:

Total fixed manufacturing costs for the year were $16,750. All administrative expenses are considered to be fixed. Using this information, prepare an income statement for Green Products, Inc., for the year ended December 31, using the variable costing format.

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Green Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling expenses 5296,400 12,750 $183,650 Variable Fixed 69,820 36,980 Administrative expenses27410 Operating income S 49,440