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Question - On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept:
Joplin Company Absorption Costing Income Statement For the Month Ended April 30
Sales (5,900 units)
$171,100
Cost of goods sold:
Cost of goods manufactured (6,800 units)
$142,800
Inventory, April 30 (1,000 units)
(21,000)
Total cost of goods sold
(121,800)
Gross profit
$49,300
Selling and administrative expenses
(29,690)
Operating income
$19,610
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