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, 350 bikes were produced and 225 were sold; this left 125 bikes in ending inventory. The income statement information under variable costing follows. Sales (225 x $1,650) Variable product cost (225 x $675) Variable selling and administrative expenses (225 x $55) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $ 371,250 151,875 12, 375 207,000 66,500 95,000 $ 45,500 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.) 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)