Question 5 (Variable Costing) Momentum Bikes manufactures a basic road bicycle. Production and sales data for the most recent year are as follows (no beginning inventory): Variable production costs Fixed production costs Variable selling & administrative costs Fixed selling & administrative costs Selling price Production Sales $85 per bike $530,000 $17 per bike $480,000 $195 per bike 21,200 bikes 19,000 bikes Prepare a brief income statement using variable costing. [5 marks]