Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 350 bikes were produced and 225 were sold; this left 125 bikes in ending inventory. The income statement information under variable costing follows. Sales (225 × $1,625) $ 365,625Variable product cost (225 × $675) 151,875Variable selling and administrative expenses (225 × $65) 14,625Contribution margin 199,125Fixed overhead cost 63,000Fixed selling and administrative expense 95,000Net income $ 41,1251. Prepare this company's income statement for its first month of operations under absorption costing. (Round your intermediate calculations to the nearest whole dollar.)
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Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it...
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