Chapter 21 Homework eBook Show Me How 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 $475,000 $230,000 (40,000) Sales (9,500 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,000 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin (190,000) $285,000 (123,500) $161,500 Fixed costs: Fixed manufacturing costs $46,000 Fixed selling and administrative expenses 38,000 Total fixed costs (84,000) Operating income $77,500 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Check My Work Previous Next > Next Fixed costs: $46,000 Fixed manufacturing costs Fixed selling and administrative expenses 38,000 Total fixed costs (84,000) Operating income $77,500 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 Sales 475,000 Cost of goods sold: Cost of goods manufactured > Inventory, October 31 Total cost of goods sold Gross profit DO 1000 Selling and administrative expenses Operating income Check My Work Previous Next Assignment Score: 64.45% All work saved. Save and Exit Submit Assignment for Grading