A Company produces a single product. The company's variable costing income statement for August appears below: Income Statement For the month ending August 31 Sales ($15 per unit) $600,000 Variable expenses: Variable cost of goods sold 360k Variable selling expense 80k Total variable expenses 440k Contribution margin 160k Fixed expenses: Fixed manufacturing 105k Fixed selling and administrative 35k Total fixed expenses 140k Net operating income $ 20k The company produced 35,000 units in August and the beginning inventory consisted of 8,000 units. Variable production costs per unit and total fixed costs have remained constant over the past several months. Under absorption costing, for the month ended August 31, the company would report a.... $20k profit or $5k loss or $35k profit or $5k profit