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 (24,000 units) Cost of goods sold: $1,272,000 Cost of goods manufactured $971,500 Less ending inventory (5,000 units) 167,500 Cost of goods sold Gross profit Selling and administrative expenses Income from operations a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were58,000 and the variable selling and administrative expenses were $41,000. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar 804,000 $468,000 90,000 $378,000 a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $58,000 and the variable selling and administrative expenses were $41,000. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar Rhys Company Income Statement-Variable Costing For the Month Ended July 31 Varlable cost of goods sold: Fixed costs: Income from operations b. Reconcile the absorption costing income from operations of $378,000 with the variable costing income from operations determined in (a) Reconciliation of Absorption and Variable Costing Income Absorption costing income from operations ariable costing income from operations