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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

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
Sales (4,900 units) $171,500
Cost of goods sold:
Cost of goods manufactured (5,700 units) $142,500
Inventory, November 30 (800 units) (20,000)
Total cost of goods sold 122,500
Gross profit $49,000
Selling and administrative expenses 30,110
Income from operations $18,890

Assume the fixed manufacturing costs were $37,050 and the fixed selling and administrative expenses were $14,750.

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
$
Variable cost of goods sold:
$
$
$
Fixed costs:
$
$

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