Absorption Costing Income Statement On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the foliowing income statement, based on the variable costing concept 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 $597,400 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