4. Paid $900 rental fee for production equipment. 5. Paid $350 to administrative employees. 6. Paid $400 rental fee for administrative office equipment. 7. Produced 400 units of inventory of which 360 units were sold at a price of $25 each. Required Prepare an income statement and a balance sheet in accordance with GAAP Problem 10-25 Upstream, midstream, and downstream costs Power-To-Spare, Inc. makes a smartphone case that includes a battery that extends the operating life of an iPhone. The manufacturing costs per unit include $15 direct materials, $17 direct labor, and $8 manufacturing overhead. These costs are based on a production and sales volume of 4,000 units. Ad- vertising costs amounted to $25,000. Research and development cost for the materials used in the