On April 30, the end of the first month of operations, Joplin Company prepared the...
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Accounting
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 (5,600 units) | $117,600 | ||
| Cost of goods sold: | |||
| Cost of goods manufactured (6,500 units) | $97,500 | ||
| Inventory, April 30 (900 units) | (13,500) | ||
| Total cost of goods sold | (84,000) | ||
| Gross profit | $33,600 | ||
| Selling and administrative expenses | (20,640) | ||
| Operating income | $12,960 |
If the fixed manufacturing costs were $25,350 and the fixed selling and administrative expenses were $10,110, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
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