On July 31, the end of the first month of operations, Del Ray Equipment Company prepared the following income statement, based on the variable costing concept:

Del Ray Equipment Company

Variable Costing Income Statement

For the Month Ended July 31, 2016

1	Sales (45,000 units)		$6,525,000.00
2	Variable cost of goods sold:
3	Variable cost of goods manufactured	$3,600,000.00
4	Less ending inventory (15,000 units)	900,000.00
5	Variable cost of goods sold		2,700,000.00
6	Manufacturing margin		$3,825,000.00
7	Variable selling and administrative expenses		1,552,500.00
8	Contribution margin		$2,272,500.00
9	Fixed costs:
10	Fixed manufacturing costs	$549,000.00
11	Fixed selling and administrative expenses	481,000.00	1,030,000.00
12	Income from operations		$1,242,500.00

Prepare an income statement under absorption costing. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Less, Plus or colons (:) will automatically appear if required. If a net loss is incurred, enter that amount as a negative number using a minus sign. Round your cost per unit answer to 2 decimal places & final answers to nearest whole dollar.