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eBook Show Me How Question Content Area Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared

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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 (2,900 units) $43,500
Cost of goods sold:
Cost of goods manufactured (3,400 units) $37,400
Inventory, April 30 (500 units) (5,500)
Total cost of goods sold (31,900)
Gross profit $11,600
Selling and administrative expenses (6,940)
Operating income $4,660

If the fixed manufacturing costs were $8,228 and the fixed selling and administrative expenses were $3,400, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

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