EX 20-5 Variable costing income statement Obj. 1 On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Vista previa del archivo Sales (104,000 units). $5,200,000 Cost of goods sold: Cost of goods manufactured (120,000 units) $4.560,000 Inventory, November 30 (16,000 units). ....... . (608,000) Total cost of goods sold . ... ... 3,952,000 Gross profit. . . ... .. $ 1,248,000 Selling and administrative expenses 400,000 Income from operations . ........ $ 848,000 If the fixed manufacturing costs were $960,000 and the fixed selling and administrative ex- penses were $280,000, prepare an income statement according to the variable costing concept