Income Statement (Absorption Costing) For Year 1 ending December 31 Year 1 Units Produced 1,000 Units Sold 1,000 Sales revenue Cost of Goods Sold: Variable Product Costs Fixed Product Costs (FOH) Total COGS Gross Margin Variable S&A expenses Fixed S&A expenses Total S&A expenses Net Operating IncomeRequired information [The following information applies to the questions displayed below.] Listed here are the total costs associated with the production of 1,000 drum sets manufactured by TrueBeat. The drum sets sell for $480 each. Costs 1. Plastic for casing-$17,090 2. Wages of assembly workers-$85,090 3. Property taxes on factory-$5, 090 4. Accounting staff salaries-$42,090 5. Drum stands (1, 000 stands purchased)-$39,090 6. Rent cost of equipment for sales staff-$12,090 7. Upper management salaries-$170,900 8. Annual flat fee for factory maintenance service-$19,900 9. Sales commissions-$22 per unit 10. Machinery depreciation, straight-line-$38,900