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 (4.400 units) $118,800 Cost of goods sold: Cost of goods manufactured (5.100 units 596.900 Inventory, April 30 (700 units) (23,300) Total cost of goods sold (83.600) Gross profit $5.200