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Group Problem 2 Preparation of Income Statement Manufacturing Firm Danan, Inc., manufactures a stuffed rabbit called Pugosy. Last year 50,000 rabbits were made and sold for $20 each. The actual unit cost for the stuffed rabbit is given below. Direct materials Direct labor Variable overhead Fixed overhead Total unit cost $2.00 3.00 2.50 4.00 $11.50 The only selling expenses were a commission of $2 per unit sold and advertising totaling $100,000. Administrative expenses, all fixed, totaled $50,000. There were no beginning or ending finished goods inventories. REQUIRED: Prepare an income statement using the following framework. Revenue -COGS -Gross Profit -S,G,&A =Operating Income