A business operated at 100% of capacity during its first month, with the following results: Sales (120 units) $600,000 Production costs (150 units): Direct materials $75,000 Direct labor 18,750 33,750 Variable factory overhead Fixed factory overhead 30,000 157,500 Operating expenses: Variable operating expenses Fixed operating expenses $6,500 3,420 9,920 The amount of operating income that would be reported on the variable costing income statement is Oa. $458,080 Ob. $491,500 c. $590,080 Od. $599,850