Q7. (20 minutes, 15 marks) During 2019, Charles Corporation produced 60,000 units and sold 50,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $120,000 ($2 per unit). Variable selling and administrative costs were $1 per unit sold, and fixed selling and administrative costs were $30,000. REQUIRED: Prepare an absorption costing income statement for Charles Corporation.