Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods inventory Dion produced 22.000 units, and 3,000 units remain in ending finished goods inventory for May Fixed overhead was $48,400 Variable selling and administration expenses were $40,000 and fixed selling and administrative expenses were $20,600. Sales (19,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income $494,000 Prepare an income statement using variable costing. 404,000 90,000 60,600 $29,400 DION COMPANY Income Statement (Variable Costing)