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 (12,800 units) For the Month Ended October 31 $768,000 Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,400 units) $364,800 (57,600) Total variable cost of goods sold (307,200) Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs $460,800 (204,800) $256,000 $76,000 Fixed selling and administrative expenses 51,200 Total fixed costs (127,200) Operating income $128,800 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 Sales Cost of goods sold: Cost of goods manufactured Inventory, October 31 Total cost of goods sold Gross profit Selling and administrative expenses Operating income 768,000