Metlock Corporation had sales of $3,570,000 for the year ended December 31, 2022. The unit selling price was $17. In making the sales, the company incurred the following costs and expenses. Variable Cost of goods sold Fixed $785,000 $708,000 Selling expenses 128,000 63,000 Administrative expenses 235,000 80,000 Prepare a GAAP income statement METLOCK CORPORATION GAAP Income Statement For the Year Ended December 31, 2022 Sales $ 3570000 Cost of Goods Sold 1493000 i Gross Profit 2077000 Operating Expenses Selling Expenses $ 191000 i Administrative Expenses 315000 i Total Operating Expenses 506000 i Net Income/(Loss) $ 1571000 Per Unit Total $ 3570000 $ Sales Variable Costs > Cost of Goods Sold $ Selling Expenses Administrative Expenses Total Variable Costs Contribution Margin > Fixed Costs > Cost of Goods Sold > Selling Expenses Administrative Expenses Total Fixed Costs Net Income/(Loss)