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 (5,000 units) $80,000 Cost of goods sold: Cost of goods manufactured (5,800 units) $63,800 Inventory, April 30 (800 units) (8,800) Total cost of goods sold (55,000) Gross profit $25,000 Selling and administrative expenses (13,600) Operating income $11,400 If the fixed manufacturing costs were $13,398 and the fixed selling and administrative expenses were $6,660, 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 $Sales 80,000 Variable cost of goods sold: Variable cost of goods manufactured $Variable cost of goods manufactured 50,402 Inventory, April 30 Inventory, April 30 6,952 Total variable cost of goods sold Total variable cost of goods sold 43,450 Manufacturing margin $Manufacturing margin 36,550 Variable selling and administrative expenses Variable selling and administrative expenses 6,940 Contribution margin $Contribution margin 29,610 Fixed costs: Fixed manufacturing costs $Fixed manufacturing costs 13,398 Fixed selling and administrative expenses Fixed selling and administrative expenses 6,660 Total fixed costs Total fixed costs 20,058 Operating income