Sheridan Products Ltd. has just created a new division to manufacture and sell DVD players. The facility is highly automated and thus has high monthly fixed costs, as shown in the following schedule of budgeted monthly costs. This schedule was prepared based on an expected monthly production volume of 2,000 units. Manufacturing costs Variable costs per unit Direct materials Direct labour Variable overhead $27 38 Total fixed overhead Selling and administrative costs Variable Fixed During August 2022, the following activity was recorded: Units produced Units sold Selling price per unit 8 64,000 4% of sales $40,000 2,000 1,700 $175 Prepare an income statement for the month ended August 31, 2022, under absorption costing. : SHERIDANPRODUCTS LTD. Income Statement-Absorption Costing $