Variable Costing Income Statement On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: $94,500 Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (3,500 units) Cost of goods sold: Cost of goods manufactured (4,100 units) $77,900 Inventory, November 30 (600 units) (11,400) Total cost of goods sold Gross profit Selling and administrative expenses 66,500 $28,000 16,880 Income from operations $11,120 Assume the fixed manufacturing costs were $20,254 and the fixed selling and administrative expenses were $8,270. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Weatherford Company Variable Costing Income Statement For the Month Ended November 30 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Income from operations