Fleet$-$of$-$Foot Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for the three shoes are as follows:

Fleet$-$of$-$Foot Inc.

Product Income Statements$$Absorption Costing

For the Year Ended December $31$

Line Item Description Cross Training Shoes Golf Shoes Running Shoes

Revenues $$508,700$ $$320,500$ $$275,600$

Cost of goods sold $(264,500)(157,000)(184,700)$

Gross profit $$244,200$ $$163,500$ $$90,900$

Selling and administrative expenses $(210,000)(117,700)(151,800)$

Operating income $$34,200$ $$45,800$ $$(60,900)$

In addition, you have determined the following information with respect to allocated fixed costs:

Line Item Description Cross Training Shoes Golf Shoes Running Shoes

Fixed costs:

Cost of goods sold $$81,400$ $$41,700$ $$38,600$

Selling and administrative expenses $61,00038,50038,600$

b$.$ Prepare a variable costing income statement for the three products. Enter a net loss as a negative number using a minus sign.

Fleet$-$of$-$Foot Inc.

Variable Costing Income Statements$$Three Product Lines

For the Year Ended December $31$

Line Item Description Cross

Training

Shoes

Golf

Shoes

Running

Shoes

Revenues

$Revenues

$508,700$

$Revenues

$320,500$

$Revenues

$275,600$

Variable cost of goods sold

Variable cost of goods sold

$183,100$

Variable cost of goods sold

$115,300$

Variable cost of goods sold

$146,100$

Manufacturing margin

$Manufacturing margin

$325,600$

$Manufacturing margin

$205,200$

$Manufacturing margin

$129,500$

Variable selling and administrative expenses

Variable selling and administrative expenses

Variable selling and administrative expenses

Variable selling and administrative expenses

Contribution margin

$Contribution margin

$Contribution margin

$Contribution margin

Fixed costs:

Fixed manufacturing costs

$Fixed manufacturing costs

$81,400$

$Fixed manufacturing costs

$41,700$

$Fixed manufacturing costs

$38,600$

Fixed selling and administrative expenses

Fixed selling and administrative expenses

$61,000$

Fixed selling and administrative expenses

$38,500$

Fixed selling and administrative expenses

$38,600$

Total fixed costs $Total fixed costs

$142,400$

$Total fixed costs

$80,200$

$Total fixed costs

$77,200$

Operating income $($loss$)$ $Operating income $($loss$)$

$Operating income $($loss$)$

$-$

$Operating income $($loss$)$