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 $(2,900$ units$)$ $$60,900$

Cost of goods sold:

Cost of goods manufactured $(3,400$ units$)$ $$51,000$

Inventory, April $30(500$ units$)(7,500)$

Total cost of goods sold $(43,500)$

Gross profit $$17,400$

Selling and administrative expenses $(10,530)$

Operating income $$6,870$

If the fixed manufacturing costs were $$12,750$ and the fixed selling and administrative expenses were $$5,160,$ 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 $30$

$$-$ Select $-$

Variable cost of goods sold:

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

Fixed costs:

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

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