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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 (3,000 units) $105,000 Cost of goods sold Cost of goods manufactured (3,500 units) $87,500 Inventory, November 30 (500 units) Total cost of goods sold Gross profit Selling and administrative expenses Income from operations Assume the fixed manufacturing costs were $20,125 and the fixed selling and administrative expenses were $8,620 Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. (12,500) 75,000 $30,000 17,600 $12,400 Weatherford Company Variable Costing Income Statement For the Month Ended November 30 Variable cost of goods sold Fixed costs