Problem 2. Triangle Firm makes and markets squares. The firms cost structure is as follows:

Manufacturing cost = $6.75 per unit + $88,400 per month.

Selling and administrative cost = $3.25 per unit + $39,500 per month

At the end of October, the firm has 2,300 units in inventory with a total cost of $35,857. During November, the firm produced 8,000 units and sold 6,000. The selling price is $32.40 per unit.

Prepare an income statement assuming absorption costing for the month of November.