Problem Set: Module 6 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 Sales (5,100 units) $183,600 Cost of goods sold: > Cost of goods manufactured (5,900 units) $153,400 Inventory, April 30 (800 units) (20,800} Total cost of goods sold (132,600) Gross profit $51,000 Selling and administrative expenses (32,320) Operating income $18,680 If the fixed manufacturing costs were $41,418 and the fixed selling and administrative expenses were $15,830, 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 Sales V v' 55' Variable cost of goods sold: Variable cost of 0005 manufactured ' J $ Inventory April 30 V v' ' Total variable cost of goods sold ' V V Manufacturing margin ' J $ Variable selling and administrative expenses V v' Contribution margin ' \\1 $ Fixed costs: Fixed manufacturing costs ' J $l Fixed selling and administrative expenses V v/ Total fixed costs ' ~/ Operating income ' J $ Feedback ' Check My Work Sales - (Variable Cost of Goods Manufactured* Variable Costing Ending inventory**) = Manufacturing Margin; Manufacturing Margin - Variable Selling and Administrative Expenses = Contribution Margin; Contribution Margin - (Fixed Manufacturing Costs + Fixed Selling and Administrative Expenses) = Operating income *Variable Cost of Goods Manufactured = Total Cost of Goods Manufactured - Fixed Manufacturing Cost **Variable Costing Ending Inventory = (Variable Cost of Goods Manufactured/Total Units of Goods Manufactured) x Absorption Costing Ending Inventory Units (given) Check My Work