Sheridan Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units produced equalled units sold in 2022. The companys variable-costing income statement and other data are as follows:

SHERIDANMANUFACTURING Income Statement Year Ended December 31, 2022 Variable Costing
Sales (250,000 units)				$500,000
Variable cost of goods sold		$212,500
Variable selling expenses		20,000
Variable administrative expenses		30,000		262,500
Contribution margin				237,500
Fixed manufacturing overhead		87,500
Fixed selling expenses		37,000
Fixed administrative expenses		41,000		165,500
Net income				$72,000

Unit selling price			$2.00
Variable costs per unit
	Direct materials		0.20
	Direct labour		0.30
	Variable overhead		0.35
	Variable selling expenses		0.08
	Variable administrative expenses		0.12

Prepare an absorption-costing income statement for Sheridan Manufacturing. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.)

SHERIDANMANUFACTURING Income Statement choose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022 Absorption Costing
select an income statement item Selling and administrative expensesCost of goods soldCost of goods manufacturedEnding inventorySalesBeginning inventoryNet incomeVariableGross profitFixed				$enter a dollar amount
select between addition and deduction LessAdd:select an income statement item Cost of goods soldNet incomeFixedBeginning inventoryEnding inventoryVariableSalesCost of goods manufacturedGross profitSelling and administrative expenses				enter a dollar amount
select a summarizing line for the first part Cost of goods soldFixedSalesVariableSelling and administrative expensesBeginning inventoryEnding inventoryNet incomeCost of goods manufacturedGross profit				enter a total amount for the first part
select between addition and deduction AddLess:select an opening section name Net incomeCost of goods soldEnding inventoryCost of goods manufacturedSelling and administrative expensesFixedSalesVariableBeginning inventoryGross profit
select an income statement item Cost of goods manufacturedGross profitFixedSelling and administrative expensesEnding inventoryNet incomeSalesVariableCost of goods soldBeginning inventory		$enter a dollar amount
select an income statement item Beginning inventoryCost of goods soldVariableSalesSelling and administrative expensesCost of goods manufacturedFixedNet incomeEnding inventoryGross profit		enter a dollar amount
				enter a subtotal of the two previous amounts
select a closing name for this statement Ending inventoryGross profitVariableSalesFixedCost of goods manufacturedCost of goods soldBeginning inventoryNet incomeSelling and administrative expenses				$enter a total amount for this statement