CengageNOWv2 | Online teaching and learning resource from Cengage Learning enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6,500 units) $162,500 Cost of goods sold: Cost of goods manufactured (7,700 units) $138,600 Inventory, April 30 (1, 100 units) (19,800) Total cost of goods sold (118,800) Gross profit $43,700 Selling and administrative expenses (26,890) Operating income $16,810