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) $67,500 Cost of goods sold: Cost of goods manufactured (3,000 units) $57,000 Inventory, April 30 (400 units) (7,600) Total cost of goods sold Gross profit Selling and administrative expenses Operating income (49,400) $18,100 (10,600) $7,500