instructions On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement, based on the variable costing concept: Sullivan Equipment Company Variable Costing Income Statement For the Month Ended March 31 56,750,000.00 1 Sales (50,000 units) 2 Variable cost of goods sold: 3 Variable cost of goods manufactured $2,400,000.00 (400,000.00) Inventory, March 31 (10,000 units) 5 2,000,000,00 Total variable cost of goods sold $4,750,000.00 1.550,000.00 Manufacturing margin 7 Variable selling and administrative expenses Contribution margin Fixed costs $3,200,000.00 5610,000.00 10 Fixed manufacturing costs 478,500.00 11 Fixed selling and administrative expenses 1,088,500.00 12 Total fixed costs $2,111,500.00 13 Income from operations Required: Prepare an income statement under absorption costing. Refer to the Nsts of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon () will automatically appear it required. Enter all amounts as positive numbers. Round your cost per unit answer to two decimal places and final answers to nearest whole dollar Labels and Amount Descriptions Labels For the Month Ended March 31 March 31 Amount Descriptions Contribution margin Cost of goods manufactured Cost of goods sold Fixed manufacturing costs Fixed selling and administrative expenses Gross profit Income from operations Inventory, March 31 Loss from operations Manufacturing margin Sales Selling and administrative expenses Total cost of goods sold Variable cost of goods manufactured Variable cost of goods sold Variable selling and administrative expenses Prepare an come statemevit under absorption costing. Refer to the Asis of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement reading. A colon () will automatically appear if required. Enter allavnounts as positive numbers. Round your cost per unit answer to two decimal places and final ariswers to nearest whole dollar Sullivan Equipment Company Absorption Costing Income Statement (Label) 1 2 -5 8