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 $608,000 Sales (9,500 units) Variable cost of goods sold: Variable cost of goods manufactured $314,600 Inventory, March 31 (2,600 units) (67,600) 247,000 Total variable cost of goods sold Manufacturing margin $361,000 Variable selling and administrative expenses 161,500 Contribution margin $199,500 Fixed costs: Fixed manufacturing costs $60,500 38,000 Fixed selling and administrative expenses Total fixed costs 98,500 Income from operations $101,000 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Total fixed costs 98,500 Income from operations $101,000 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 Cost of goods sold