Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2017, the company incurred the following costs.

Variable Costs per Unit
Direct materials		$7.80
Direct labor		$3.59
Variable manufacturing overhead		$6.03
Variable selling and administrative expenses		$4.06
Fixed Costs per Year
Fixed manufacturing overhead		$239,200
Fixed selling and administrative expenses		$218,504

Siren Company sells the fishing lures for $26.00. During 2017, the company sold 82,000 lures and produced 92,000 lures.

Prepare an absorption costing income statement for 2017. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) SIREN COMPANY Income Statement For the Year Ended December 31, 2017 4 Absorption Costing Sales 4592000 Cost of Goods Sold 1422640 3169360 Variable Selling and Administrative Expenses 332920 F Fixed Selling and Administrative Expenses # 218504 551424 Net Income/(Loss) 2617936