Variable Costing Income Statement 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. 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 it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign. 1 2 Variable cost of goods sold: 3 4 5 6 7 8 9 (Label) 10 11 12 Morristown & Co. Variable Costing Income Statement (Label)