Variable Costing Income Statement concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2015 Sales (4,400 units) $123,200 Cost of goods sold: Cost of goods manufactured (5,100 units) $102,000 Less inventory, June 30 (700 units) Cost of goods sold Gross profit Selling and administrative expenses Income from operations Assume the fixed manufacturing costs were $28,560 and the variable selling and administrative expenses were $11,370 14,000 -88,000 $35,200 22,290 $12,910 ssume the fixed manufacturing costs were $28,560