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 (6,500 units) Cost of goods sold: Cost of goods manufactured (7,400 units) Inventory, April 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $201,500 $162,800 (22,000) Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales Variable cost of goods sold: Variable cost of qoods manufactured >97,785 Inventory, April 30 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution marqin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses >17,750 Total fixed costs Operating income