Armilla Manufacturing manufactures a single product. Cost, sales, and production information for the company and its single product is as follows:

Sales Price Per Unit $44

Variable Manufacturing costs per unit manufactured (DM, DL, and variable MOH) $21

Variable operating expenses per unit sold $4

Fixed manufacturing overhead (MOH) in total for the year $221,000

Fixed operating expenses in total for the year $47,000

Units manufactured during the year 17,000 units

Units sold during the year 15,000 units

1.Prepare an income statement for the upcoming year using absorption costing.

1) My work so far:

Sales Revenue = 660,000

-Cost of Goods Sold =?

Gross Profit = ?

-Operating Expenses = 107,000

Operating Income = ?