Castaway Companys only product sells for $432 per unit. Data for its first year of operations follow. Prepare an income statement for the year assuming absorption costing. Direct materials $ 40 per unit Direct labor $ 56 per unit Variable overhead $ 12 per unit Fixed overhead $ 320,000 per year Variable selling and administrative expenses $ 36 per unit Fixed selling and administrative expenses $ 400,000 per year Units produced and sold 40,000 units