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 Sales (13,700 units) Variable cost of goods sold: $767,200 Variable cost of goods manufactured $349,800 Inventory, March 31 (2,200 units) (48,400) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs 301,400 $465,800 205,500 $260,300 Fixed manufacturing costs $63,600 Fixed seling and administrative expenses Total fixed costs 54,800 110,400 Income from operations 141,900 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 767.200 Cost of goods sold: Cost of goods sold 465,800 Inventory, March 31 Total cost of goods sold Previous