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 (275,000 units)			$4,950,000
Cost of goods sold:
Cost of goods manufactured (300,000 units)	$4,050,000
Inventory, April 30 (25,000 units)	(337,500)
Total cost of goods sold			(3,712,500)
Gross profit			$1,237,500
Selling and administrative expenses			(275,000)
Operating income			$962,500

If the fixed manufacturing costs were $450,000 and the fixed selling and administrative expenses were $165,000, prepare an income statement according to the variable costing concept.