Variable costing income statement OBJ. 1 On June 30, the end of the first month of operations, Bastile Company prepared the following income statement, based on the absorption costing concept:

Bastile Company Absorption Costing Income Statement For the Month Ended June 30, 2016 Sales (20,000 units) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000 Cost of goods sold:

Cost of goods manufactured (24,000 units) . . . . . . . . . . . . . . . . . . . . . $1,920,000 Less inventory, June 30 (4,000 units) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600,000 Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 400,000 Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,000 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 235,000 If the fixed manufacturing costs were $192,000 and the variable selling and administrative expenses were $92,400 prepare an income statement according to the variable costing concept.