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 $4,950,000 Sales (275,000 units) Cost of goods sold: Cost of goods manufactured (300,000 units) Inventory, April 30 (25,000 units) Total cost of goods sold Gross profit Selling and administrative expenses $4,050,000 (337,500) (3,712,500) $1,237,500 (275,000) $962,500 Operating income 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. Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: Fixed costs