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 30Sales (6,500 units) $208,000 Cost of goods sold: Cost of goods manufactured (7,500 units)$172,500 Inventory, November 30 (1,100 units)(25,300) Total cost of goods sold 147,200 Gross profit $60,800 Selling and administrative expenses 36,340 Income from operations $24,460

Assume the fixed manufacturing costs were $43,125 and the fixed selling and administrative expenses were $17,800.

Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

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 $