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. Income statement information under variable costing follows.

Sales (240 $1,700)	$ 408,000
Variable cost of goods sold (240 $600)	144,000
Variable selling and administrative expenses (240 $55)	13,200
Contribution margin	250,800
Fixed overhead	64,000
Fixed selling and administrative expenses	80,000
Income	$ 106,800

Prepare the company's income statement under absorption costing.