On your way to a meeting with the board of directors, your assistant provides you with last month's income statements-one based on the variable costing method and one based on the absorption costing method. Unfortunately, your assistant, who is new, has used absorption costing terminology for both income statements. Sales Cost of goods sold Other expenses Net income Income Statement 1 $8,604 $3,013 4,152 7,165 $1,439 Income Statement 2 $8,604 $4,028 3,125 7,153 $1,451 Which income statement is based on the variable costing method? Income statement is based on the variable costing method. LINK TO TEXT Was production equal to, greater than, or less than sales for the month? Production was sales for the month. LINK TO TEXT Calculate the amount of fixed overhead for the month. Fixed overheads