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 (2,500 units) $72,500 Cost of goods sold: Cost of goods manufactured (2,900 units) $60,900 Inventory, April 30 (400 units) (8,400) Total cost of goods sold (52,500) Gross profit $20,000 Selling and administrative expenses (12,330) Operating income $7,670 If the fixed manufacturing costs were $15,225 and the fixed selling and administrative expenses were $6,040, 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 198,400 X Variable cost of goods sold: Variable cost of goods manufactured 127,050 X Inventory, April 30 18,634 X Total variable cost of goods sold 108,416 X Manufacturing margin 89,984 X Variable selling and administrative expenses V 17,100 X Contribution margin 72,884 X Fixed costs: Fixed manufacturing costs 37,950 X Fixed selling and administrative expenses 16,420 X Total fixed costs 54,370 X Operating income 18,514 X