The actual and planned data for Underwater University for the Fall term were as follows:

Actual Planned

Enrollment $4,5004,125$

Tuition per credit hour $$120$ $$135$

Credit hours $60,45043,200$

Registration, records, and marketing costs per enrolled student $$275$ $$275$

Instructional costs per credit hour $$64$ $$60$

Depreciation on classrooms and equipment $$825,600$ $$825,600$

Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed cost.

Prepare a variable costing income statement showing the contribution margin and operating income for the Fall term.