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 (3,400 units) $129,200 Cost of goods sold: Cost of goods manufactured (3,900 units) $105,300 Inventory, April 30 (500 units) (13,500) Total cost of goods sold (91,800) Gross profit $37,400