Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods inventory. Dion produced 20,200 units, and 2,100 units remain in ending finished goods inventory for May. Fixed overhead was $50,500. Variable selling and administration expenses were $31,000 and fixed selling and administrative expenses were $10,500. Sales (18,100 units) Cost of goods sold Gross profit Selling and administrative expenses Income $ 362,000 297,000 65,000 41,500 $ 23,500 Prepare an income statement using variable costing. X Answer is complete but not entirely correct. DION COMPANY 362,000 Income Statement (Variable Costing) Sales $ Less: Variable expenses Variable cost of goods sold $ 0 X Variable selling and administrative expenses 31,000 31,000 0 X Contribution margin Less: Fixed expenses Fixed selling and administrative expenses Fixed overhead 10,500 50,500 OOO 0 61,000 Income $ 0 X