Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 325 bikes were produced and 215 were sold. Income statement information under variable costing follows.

Sales (215 $1,775)$ 381,625Variable cost of goods sold (215 $675)145,125Variable selling and administrative expenses (215 $55)11,825Contribution margin224,675Fixed overhead61,750Fixed selling and administrative expenses80,000Income$ 82,925

Prepare the company's income statement under absorption costing.

The values in the table that are already filled out are correct. I just need helping filling the empty slots.

\begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ HAYEK BIKES } \\ \multicolumn{1}{|c|}{ Income Statement (Absorption Costing) } \\ \hline Sales & \\ \hline Cost of goods sold & \\ \hline Gross profit & $81,625 \\ \hline Selling and administrative expenses & \\ \hline Income & \\ \hline \end{tabular}