Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods inventory. Dion produced 23,400 units, and 3,700 units remain in ending finished goods inventory for May. Fixed overhead was $58,500. Variable selling and administration expenses were $47,000 and fixed selling and administrative expenses were $26,500. Sales (19,700 units) Cost of goods sold Gross profit Selling and administrative expenses. Income Prepare an income statement using variable costing. Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Fixed expenses $ 591,000 495,000 96,000 73,500 $ 22,500 DION COMPANY Income Statement (Variable Costing) Fixed overhead Fixed selling and administrative expenses Income $ 591,000 0