Absorption Costing Income Statement On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement, based on the variable costing concept: Sullivan Equipment Company Variable Costing Income Statement For the Month Ended March 31 $678,600 $322,000 (52,900) 269,100 Sales (11,700 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, March 31 (2,300 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses $409,500 175,500 $234,000 $70,000 46,800 Total fixed costs 116,800 Income from operations $117,200 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Sullivan Equipment Company Absorption Costing Income Statement For the Month Ended March 31 Sales Cost of goods sold: Cost of goods manufactured Drome Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs $70,000 46,800 116,800 Income from operations $117,200 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Sullivan Equipment Company Absorption Costing Income Statement For the Month Ended March 31 Sales Cost of goods sold: Cost of goods manufactured Inventory, March 31 Total cost of goods sold Gross profit Selling and administrative expenses Income from operations