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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 (2,800 units)
$56,000
Cost of goods sold:
Cost of goods manufactured (3,200 units)
$44,800
Inventory, April 30 (400 units)
(5,600)
Total cost of goods sold
(39,200)
Gross profit
$16,800
Selling and administrative expenses
(9,170)
Operating income
$7,630
Required - If the fixed manufacturing costs were $8,960 and the fixed selling and administrative expenses were $4,490, prepare an income statement according to the variable costing concept.
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