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 (4,700 units) $173,900 Cost of goods sold: Cost of goods manufactured (5,400 units) $140,400 Inventory, April 30 (800 units) (20,800) Total cost of goods sold (119,600) Gross profit $54,300 Selling and administrative