Illuminate Bright Light, a producer of energy efficient light bulbs prepared the following absorption costing income statement fort he year ended by 31 may, 2019.

Sales (16000 units) $320,000

Cost Of Goods Sold 216,000

Gross Margin 104,000

Selling & administrative expense 46,000

Operating Income 58,000

Additional Information follows:

Selling & administrative expenses include $1.50 of variable cost per unit sold. There was no beginning inventory, and 17,500 units were produced. Variable manufacturing costs were $11 per unit. Actual fixed costs were equal to budgeted fixed costs.

Required:

Variable -costing income statement for the same period.