Pharoah Products manufactures and sells a variety of camping products. Recently the company opened a new factory to manufacture a deluxe portable cooking unit. Cost and sales data for the first month of operation are shown below: The portable cooking unit sells for $112. Management is interested in the opening month's results and has asked for an income statement. Assuming the company uses absorption costing: Prepare an absorption-costing income statement for the first month of operation. PharoahProducts Income Statement-Absorption Costing For the first month of operations Sales $ Cost of goods sold Less : Costs of goods manufactured Variable costs Operating income Cost of goods sold Volume variance Ending inventory Attempts: 1 of 3 used Submit Answer Goods available for sale Selling and administrative expenses Fixed costs Contribution margin Gross margin Sales Beginning inventory