On July 31, 2014, the end of the first month of operations, Holton Company prepared the following income statement, based on the absorption costing concept: Sales (21,000 units) $1,449,000 Cost of goods sold: Cost of goods manufactured $1,118,000 Less ending inventory (5,000 units) 215,000 Cost of goods sold 903,000 Gross profit $546,000 Selling and administrative expenses 81,000 Income from operations $465,000 Hide Hint(s) a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $52,000 and the variable selling and administrative expenses were $37,000. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar.