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 1 Sales (264,000 units) $66,000,000.00 2 Variable cost of goods sold: 3 Variable cost of goods manufactured $45,000,000.00 4 Inventory, March 31 (36,000 units) (5,400,000.00) 5 Total variable cost of goods sold 39,600,000.00 6 Manufacturing margin $26,400,000.00 7 Variable selling and administrative expenses 2,400,000.00 & Contribution margin $24,000,000.00 9 Fixed costs: 10 Fixed manufacturing costs $7,500,000.00 11 Fixed selling and administrative expenses 375,000.00 12 Total fixed costs 7.875,000.00 13 Income from operations $16,125,000.00 Required: 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. A colon () will automatically appear if required. Enter all amounts as positive numbers