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 Direct labour Variable manufacturing overhead Variable selling and administrative Pixed costs per year: Pixed manufacturing over head Pixed selling and administrative expense 366,000 170,400 During the year, the company produced 36,600 units and sold 28,400 units. The selling price of the company's product is $82 per unit. b. Prepare an income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Absorption Costing Income Statement Sales $2,328,800 Cost of goods sold: Beginning inventory $ 0 Add: Cost of goods manufactured 2,598,600 Goods available for sale 2,598,600 Less: Ending inventory 582,200 2,016,400 Gross margin 312,400 Selling and administrative expenses 340,800 Operating income $ 28,400)