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 $(5,100$ units$)$ $$168,300$

Cost of goods sold:

Cost of goods manufactured $(6,000$ units$)$ $$138,000$

Inventory, April $30(800$ units$)(18,400)$

Total cost of goods sold $(119,600)$

Gross profit $$48,700$

Selling and administrative expenses $(30,160)$

Operating income $$18,540$

If the fixed manufacturing costs were $$37,260$ and the fixed selling and administrative expenses were $$14,770,$ 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

$Sales

$168,300$

Variable cost of goods sold:

Variable cost of goods manufactured

$Variable cost of goods manufactured

$100,740$

Inventory, April $30$

Inventory, April $30$

$13,432$

Total variable cost of goods sold

Total variable cost of goods sold

$87,308$

Manufacturing margin

$Manufacturing margin

$80,992$

Variable selling and administrative expenses

Variable selling and administrative expenses

Contribution margin

$Contribution margin

Fixed costs:

Fixed manufacturing costs

$Fixed manufacturing costs

Fixed selling and administrative expenses

Fixed selling and administrative expenses

Total fixed costs

Total fixed costs

Operating income

$Operating income