C Sims Company, A Manufacturer ( X Question 5 - Ch 19 Homework - ( X Course Hero X + X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.cod.edu%252Fwebapps%... G Apps COD E-Mails Shopping Poland Moje Reading list Ch 19 Homework i Saved Help Save & Exit Submit Check my work 5 Exercise 19-6 Absorption costing income statement LO P2 Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement 1.42 under absorption costing for external reporting. For its first month of operations, 425 bikes were produced and 255 were sold; this left oints 170 bikes in ending inventory. The income statement information under variable costing follows. 8 04:21:38 Sales (255 x $1, 700) $ 433, 500 Variable product cost (255 x $625) 159, 375 Skipped Variable selling and administrative expenses (255 x $55) 14, 025 Contribution margin 260, 100 Fixed overhead cost 72 , 256 Fixed selling and administrative expense 75, 080 Net income 112, 850 Book 1. Prepare this company's income statement for its first month of operations under absorption costing. Hint 2. Fill in the blanks: Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare an income statement for the current year under absorption costing. KENZI KAYAKING Absorption Costing Income Statement Net income (loss) Fixed costs added to inventory Mc M W 7:37 PM ? 10/31/2021