BNC Company, which manufactures and sells laptops started business on January 1, 17. During the year ended December 31, 2017 the company had the following costs related to its business: (in millions of $1 $110 $140 $80 $10 $10 $30 Raw materials Components Labor (factory) Salary of VP - Production Salary of VP - Sales CEO salary Factory rent Factory utilities Machine rental (factory) Rent (Sales Building) Advertising Costs Sales Commission Utilities (sales office) Salaries (administrative) $15 $8 $37 $40 $50 $25 During 2017, BNC manufactured 1 million laptops, of which 800,000 were sold for $700 each. Required: 1. Identify all product (production related) costs. 2. What is the average cost of manufacturing one laptop? Hint: Use only "product" costs; Cost per unit = (Total Product Cost)/(Number of units produced) 3. Prepare an income statement for 2017. Assume a tax rate of 35%