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: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 $96,000 Sales (3,000 units) Cost of goods sold: $78,200 Cost of goods manufactured (3,400 units) Inventory, November 30 (500 units) Total cost of goods sold (11,500) 66,700 $29,309 Gross profit Selling and administrative expenses 17,620 $11,680 Income from operations Assume the fixed manufacturing costs were $21,114 and the fixed selling and administrative expenses were $8,630. 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 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 TA