Joplin Company

Variable Costing Income Statement

For the Month Ended April $30$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 $30$

Line Item Description Amount Amount

Sales $(3,300$ units$)$ $$56,100$

Cost of goods sold:

Cost of goods manufactured $(3,828$ units$)$ $$45,936$

Inventory, April $30(528$ units$)(6,336)$

Total cost of goods sold $(39,600)$

Gross profit $$16,500$

Selling and administrative expenses $(9,550)$

Operating income $$6,950$

If the fixed manufacturing costs were $$10,565\mathrm{.}28$ and the fixed selling and administrative expenses were $$4,680,$ 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 $30$

Line Item Description Amount Amount

$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