On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement, based on thevariable costingconcept:

10 11 12 15 Sullivan Equipment Company Variable Costing Income Statement For the Month Ended March 31 Sales (50,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, March 31 (10,000 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total xed costs Income from operations $2,400,000.00 (400,000.00) $610,000.00 478,500.00 $6,750,000.00 2,000,000.00 $4,750,000.00 1,550,000.00 $3,200,000.00 1,088,500.00 $2,111,500.00 Sullivan Equipment Company Score: 52/72 Absorption Costing Income Statement For the Month Ended March 31 V Sales " $6,750,000.00 " Cost of goods sold: V Cost of goods manufactured V $3,010,000.00 V Inventory, March 31 V Total cost of goods sold V Gross prot V Selling and administrative expenses V 0/ Income from operations