On October 31. the end of the first month of operations, Morristown Co prepared the following income statement based on absorption costing: $117,000 Morristown Co. Absorption Costing Income Statement For Month Ended October 31, 20 Sales (7,600 units) Cost of goods sold: Cost of goods manufactured $85,500 Less ending inventory (400 units) 11,400 Cost of goods sold Gross profit Selling and administrative expenses 74,100 $42.900 21.500 Income from operations $21.400 If the foxed manufacturing costs were 542,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable conting Morristown & Co Variable Costing Income Statement For Month Ended October 31, 20 117,000 Vw cost of goods sold: Variable cost of goodsa actured Les ending Inventory Less ending Inventory Manufacturing angin Cost of goods manufactured Less ending inventory (400 units) Cost of goods sold $85,500 11,400 Gross profit Selling and administrative expenses 74,100 $42,900 21.500 $21,400 Income from operations If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable costing Morristown & Co. Variable Costing Income Statement For Month Ended October 31, 20 117.000 Variable cost of goods sold: Variable cost of goods manufactured 42.600 Less ending inventory Less ending inventory Manufacturing margin Variable selling and administrative expe Contribution margin Fored costs: Fixed manufacturing costs Fixed selling and administrative expenses Income from operations