Variable Costing Income Statement On July 31, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept: Sales (14,000 units) $1,134,000 Cost of goods sold: Cost of goods manufactured $871,250 Less ending inventory (3,000 units) 153,750 Cost of goods sold 717,500 Gross profit $416,500 Selling and administrative expenses 79,000 Income from operations $337,500 Question Content Area a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $51,000 and the variable selling and administrative expenses were $36,000. In your computations, round unit costs to two decimal places