Dion Company reports the absorption costing Income statement below for May. The company began the month with no finished goods Inventory. Dion produced 21,400 units, and 2,700 units remain in ending finished goods Inventory for May. Fixed overhead was $53,500. Variable selling and administration expenses were $37,000 and fixed selling and administrative expenses were $17,500. Sales (18,700 units) $ 374,000 Cost of goods sold Gross profit Selling and administrative expenses Income Prepare an income statement using variable costing. 295,000 79,000 54,500 $ 24,500 DION COMPANY Income Statement (Variable Costing)