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 $(6,200$ units$)$ $$167,400$

Cost of goods sold:

Cost of goods manufactured $(7,316$ units$)$ $$139,004$

Inventory, April $30(1,116$ units$)(21,204)$

Total cost of goods sold $(117,800)$

Gross profit $$49,600$

Selling and administrative expenses $(29,870)$

Operating income $$19,730$

If the fixed manufacturing costs were $$36,141\mathrm{.}04$ and the fixed selling and administrative expenses were $$14,630,$ prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

Joplin Company

Variable Costing Income Statement

For the Month Ended April $30$

Sales

Variable cost of goods sold:

$Variable cost of goods manufactured

Inventory, April $30$

Total variable cost of goods sold

$Manufacturing margin

Variable selling and administrative expenses

$Contribution margin

Fixed costs:

$Fixed manufacturing costs

Fixed selling and administrative expenses

Total fixed costs

$Operating income