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 $525,000 Sales (12,500 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, March 31 (1,700 units) Total variable cost of goods sold $241,400 (28,900) 212,500 $312,500 137,500 $175,000 Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs $42,600 37,500 80,100 Income from operations $94,900 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Sullivan Equipment Company Absorption Costing Income Statement For the Month Ended March 31 Sales $ 525,000 Cost of goods sold: Cost of goods manufactured $ 284,000 Inventory, March 31 Total cost of goods sold Gross profit Selling and administrative expenses Income from operations