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Instructions On March 31, the end of the first month of operations. Sullivan opment Company prepared the following income statement based on the variable.casting concept Sullivan Equipment Company Variable Couting Income Statement For the Month Ended March 31 $6.750,000.00 1 $2,400,000.00 4 (400.000.00 1 2.000.000.00 Sales (50.000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, March 31 (10,000 units) Total variable cost of goods sold Mandacturing mang Variable selling and administrative expenses Contribution margin Fixed costs 11 Fixed marutacturing costs 11 Fixed selling and administrative expenses Totalfixed costs Income from operations 34.750.000.00 1.550,000.00 55,200,000.00 5610,000.00 478.500.00 1.088,500.00 52.111.500.00 Labels For the Month Ended March 31 March 31 Amount Descriptions Contribution margin Cost of goods manufactured Cost of goods sold Fixed manufacturing costs Fixed selling and administrative expenses Gross profit Income from operations Inventory, March 31 Loss from operations Manufacturing margin Sales Selling and administrative expenses Total cost of goods sold Variable cost of goods manufactured Variable cost of goods sold Variable selling and administrative expenses Absorption Costing Income Statement Prepare an income statement under absorption 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 () wautomatically appear if required. Enter all amounts as positive numbers. Round your cost per unit answer to two decimal places and final answers to nearest whole dollar Sullivan Equipment Company Absorption Costing Income Statement (Label) 1 6

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