A business operated at 100% of capacity during its first month, with the following results: Sales (96 units) $480,000 Production costs (120 units): $60,000 Direct materials Direct labor 15,000 Variable factory overhead 27,000 Fixed factory overhead 24,000 126,000 Operating expenses: Variable operating expenses $5,150 Fixed operating expenses 3,140 8,290 The amount of operating income that would be reported on the variable costing income statement is Oa. $471,710 Ob. $479,880 Oc. $366,110 Od. $393,250