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 For the Month Ended October 31 Sales (11,000 units) $682,000 Variable cost of goods sold: Variable cost of goods manufactured $337,500 Inventory, October 31 (2,500 units) (62,500) Total variable cost of goods sold (275,000) Manufacturing margin Variable selling and administrative expenses $407,000 (176,000) $231,000 Contribution margin Fixed costs: Fixed manufacturing costs $67,500 Fixed selling and administrative expenses 44,000 Total fixed costs (111,500) Operating income $119,500 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 Cost of goods sold: 0000