AJ Manufacturing Company incurred $50,000 of fixed product cost and $40,000 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,000 of fixed selling and administrative costs and $13,000 of variable seling and administrative costs. The company sold al company sold all of the units it produced for $160,000. Required a. Prepare an income statoment using the format required by generally accepted accounting Principles (GAAP) AJ MANUFACTURING COMPANY $160,000 Net income 41,000