Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement Sales (11,700 units) For the Month Ended October 31 $725,400 Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,500 units) $355,000 (62,500) Total variable cost of goods sold (292,500) Manufacturing margin $432,900 Variable selling and administrative expenses (187,200) $245,700 Contribution margin Fixed costs: Fixed manufacturing costs $71,000 Fixed selling and administrative expenses 46,800 Total fixed costs (117,800) Operating income $127,900 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Maryville Equipment Company Absorption Costing Income Statement For the Month Ended October 31 Line Item Description Cost of goods sold: Amount Amount