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I need help with my assignment please Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income
I need help with my assignment please
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 $1,675) Variable production cost (225 x $675) Variable selling and administrative expenses (225 x $65) $ 376,875 151,875 14,625 Contribution margin Fixed overhead cost Fixed selling and administrative expense 210,375 59,500 85,000 Net income $ 65,875 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 I SI Net income (loss)
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