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 (4,200 units)			$147,000
Cost of goods sold:
Cost of goods manufactured (4,800 units)	$120,000
Inventory, November 30 (700 units)	17,500
Total cost of goods sold			102,500
Gross profit			$44,500
Selling and administrative expenses			25,730
Income from operations			$18,770

Assume the fixed manufacturing costs were $28,800 and the fixed selling and administrative expenses were $12,600.

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
Contribution margin		$
Fixed costs:
Fixed manufacturing costs	$
Fixed selling and administrative expenses
Total fixed costs
Income from operations