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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

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 (2,800 units) $56,000
Cost of goods sold:
Cost of goods manufactured (3,200 units) $44,800
Inventory, April 30 (400 units) (5,600)
Total cost of goods sold (39,200)
Gross profit $16,800
Selling and administrative expenses (10,050)
Operating income $6,750

If the fixed manufacturing costs were $11,648 and the fixed selling and administrative expenses were $4,920, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

Contribution marginInventoryManufacturing marginSalesVariable cost of goods manufacturedVariable selling and administrative expensesSales $Sales
Variable cost of goods sold:
Contribution marginFixed manufacturing costsVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expensesVariable cost of goods manufactured $Variable cost of goods manufactured
Fixed manufacturing costsInventory, April 30Fixed selling and administrative expensesManufacturing marginSalesInventory, April 30

Inventory, April 30

InventorySalesTotal variable cost of goods manufacturedTotal variable cost of goods soldTotal variable selling and administrative expensesTotal variable cost of goods sold

Total variable cost of goods sold

Contribution marginFixed manufacturing costsInventoryManufacturing marginSalesManufacturing margin $Manufacturing margin
Manufacturing marginSalesVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expensesVariable selling and administrative expenses

Variable selling and administrative expenses

Contribution marginFixed selling and administrative expensesInventoryManufacturing marginSalesContribution margin $Contribution margin
Fixed costs:
Fixed manufacturing costsFixed inventoryVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expensesFixed manufacturing costs $Fixed manufacturing costs
Fixed selling and administrative expensesFixed inventoryFixed salesVariable cost of goods soldVariable selling and administrative expensesFixed selling and administrative expenses

Fixed selling and administrative expenses

Contribution marginOperating incomeManufacturing marginSalesTotal fixed costsTotal fixed costs

Total fixed costs

Operating incomeLoss from operationsOperating income $Operating income

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