A company produced and sold 12,900 units in its first year of operations. The sales price is $345 per unit. Fixed costs include overhead of $387.000 per year, and selling and administrative expenses of $89,000 per year. Variable costs per unit follow. Variable selling and administrative expenses 29 per unit Direct materials 59 per unit Direct labor $ 79 per unit Variable overhead $ 49 per unit 0-29 Use absorption costing to prepare this year's income statement. Income Statement (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses Income