homeworklib 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 (4,400 units) $127,600 Cost of goods sold: Cost of goods manufactured (5,000 units) $105,000 Inventory, November 30 (700 units) (14,700) Total cost of goods sold 90,300 Gross profit $37,300 Selling and administrative expenses 22,640 Income from operations $14,660 Assume the fixed manufacturing costs were $27,300 and the fixed selling and administrative expenses were $11,090. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

Sales                                                                                                 $127,600

Variable Cost of Goods sold

Variable Cost of goods manufactured                      $105,000

Inventory, November 30                                           ($ 14,700)

Total Variable Cost of Goods sold                                                 ($90,300)

Manufacturing Margin                                                                      $37,300

Selling and administrative expenses - Variable                             (22,640)

Contribution margin                                                                          $14,660

Fixed Costs

Fixed manufacturing costs                                          $27,300

Fixed selling and administrative expenses                $11,090

Total Fixed costs                                                                             ($38,390)

Loss from operations                                                                    ($23,730)

answer; the above statement/question is ( true);