EX 20-5 Variable costing income statement On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costing concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2013 $537,600 $448,000 64,000 Sales (9,600 units) ... Cost of goods sold: Cost of goods manufactured (11,200 units). Less inventory, June 30 (1,600 units)......... Cost of goods sold......................................... Gross profit....................................................... Selling and administrative expenses ............................ Income from operations .......................................... 384,000 $153,600 82,080 $ 71,520 If the fixed manufacturing costs were $50,400 and the variable selling and administrative expenses were $45,600, prepare an income statement according to the variable costing concept