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; this left 110 bikes in ending inventory. The income statement information under variable costing follows. $ 349,375 Sales (215 * $1,625) Variable product cost (215 $625) Variable selling and administrative expenses (215 x $50) Contribution margin Fixed overhead cost Fixed selling and administrative expense 134,375 10,750 204,250 52,000 85,000 $ 67,250 Net income 1. Prepare this company's income statement for its first month of operations under absorption costing. (Round your intermediate calculations to the nearest whole dollar.) Check my work 1. Prepare this company's income statement for its first month of operations under absorption costing. (Round your intermediate calculations to the nearest whole dollar.) HAYEK BIKES Absorption Costing Income Statement Net income (loss)