QUESTION 1 Not complete Marked out of 16.00 Flag question Absorption and Variable Costing Income Statements: Production Exceeds Sales Glenview Company sells its product at a unit price of $13.00. Unit manufacturing costs are direct materials, $2.50; direct labor, $3.00; and variable manufacturing overhead, $1.50. Total fixed manufacturing costs are $50,000 per year. Selling and administrative expenses are $1.00 per unit variable and $20,000 per year fixed. Though 50,000 units were produced during 2017, only 44,000 units were sold. There was no beginning inventory (a) Prepare a functional income statement using absorption costing. (Do not use negative signs with your answers.) Glenview Company Functional (Absorption Costing) Income Statement For the year 2017 ale Cost of goods sold Gross profit Other expenses: Variable selling and administrative Fixed selling and administrative Net income