n October 31, the end of the first month of operations, Morristown \& Co. prepared the following income statement based on absorption costing: If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600. Required: Prepare an income statement using variable costing. Refer to the lists of Labels and Amount Descriptions for the exact wording githe answer choices for text entres. Be sure to complete the statement heading. A colon (.) will automatically appear if it is reguired ulfert amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss shoulill he negative. Expenses should be positive. Labels and Amount Descriptions Labels Flored costs For the Month Ended October 31 Amount Descriptions Contribution margin Ending inventory Fixed manufacturing costs Fxed selling and administrative expenses Manufacturing margin Operating income Sales Total fixed costs Total variable cost of goods sold Variable cost of goods manufactured Variable selling and administrative expenses lariable Costing Income Statement positive