AJ Manufacturing Company incurred $59,500 of fixed product cost and $47,600 of variable product cost during its first year of operation. Also during its first year, AJ incurred $18,850 of fixed selling and administrative costs and $14,900 of variable selling and administrative costs. The company sold all of the units it produced for $198,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP) AJ MANUFACTURING COMPANY Income Statement