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 $(3,700$ units$)$

$$103,600$

Cost of goods sold:

Cost of goods manufactured $(4,300$ units$)$

Inventory, April $30(600$ units$)$

$$86,000$

$(12,000)$

Total cost of goods sold

Gross profit

Selling and administrative expenses

Operating income

Joplin Company

Variable Costing Income Statement

For the Month Ended April $30$

Variable cost of goods sold:

Fixed costs: