Laworld Inc. manufactures small camping tents. Last year, $200,000$ tents were made and sold for $$60$ each. Each tent includes the following costs: Direct Materials $$18$ Direct Labor $$12$ Manufacturing Overhead $$16$

The only selling expenses were a commission of $$2$ per unit sold and advertising totaling $$100,000.$ Administrative expenses, all fixed, equaled $$300,000.$ There were no beginning or ending finished goods inventories. There were no beginning or ending work$-$in$-$process inventories

$1.$ Calculate the product cost for one tent. Calculate the total product cost for last year.

$2.$ Prepare an income statement for external users. Did you need to prepare a supporting statemtn of cost of goods manufacuted? Explain.