Columbia Corporation produces a single product. The company's variable costing income statement for November appears below: 15 Columbia Corporation Income Statement For the Month ended November 30 Sales ($19 per unit) $815, 100 Variable expenses: Variable cost of goods sold 429,000 Variable selling expense 128,700 Total variable expenses 557,700 Contribution margin 257,400 Fixed expenses: Manufacturing 140,920 Selling and administrative 70, 460 Total fixed expenses 211,380 Net operating income $ 46,020 During November, 35,230 units were manufactured and 8,210 units were in beginning inventory. Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months. Under absorption costing, for November the company would report a: Multiple Choice $15,340 loss $70,460 profit $46,020 profit $15,340 profit