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, 400 bikes were produced and 240 were sold; this left 160 bikes in ending inventory. The income statement information under variable costing follows Sales (240 x $1, 700) Variable product cost (240 x $600) Variable selling and administrative expenses (240x $55) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $ 408,000 144,000 13,200 250, 800 72,000 75,000 $ 103, 800 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) Fixed costs added to inventory