Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations:

Variable costs per unit: Manufacturing: Direct materials $ 45 Direct labour 13 Variable manufacturing overhead 4 Variable selling and administrative 6 Fixed costs per year: Fixed manufacturing overhead 375,000 Fixed selling and administrative expense 238,560 I b. Prepare an income statement for the year. (Do not ieave any empty spaces; input a O wherever it is required.) Cost of goods sold Beginning Inventory Add: Cost of goods manufactured 2 312,500 Goods available for sale 2 312,500 Selling and administrative expenses _ 159,000 Operating income $ 371,000 Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold: Fixed manufacturing overhead Add: Variable manufacturing costs 0 Variable cost of goods sold 0 O 0 Fixed expenses: 0 0