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 (6,600 units) $171,600 Cost of goods sold: Cost of goods manufactured (7,800 units) $140,400 Inventory, November 30 (1,100 units) (19,800) Total cost of goods sold 120,600 Gross profit $51,000 Selling and administrative expenses 29,320 Income from operations $21,680 Assume the fixed manufacturing costs were $32,292 and the fixed selling and administrative expenses were $14,360.