AJ Manufacturing Company incurred $59,000 of fixed product cost and $47,200 of variable product cost during its first year of operation. Also during its first year, AJ incurred $18,700 of fixed and $14,800 of variable selling and administrative costs. The company sold all of the units it produced for $196,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement