Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2017, the company incurred the following costs. $7.95 Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $3.66 $6.15 $4.13 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $251.750 $222,706 Siren Company sells the fishing lures for $26.50. During 2017, the company sold 81.000 lures and produced 95,000 lures. Prepare a variable costing income statement for 2017. (Enter negative amounts using either a negative sign preceding the number es. 45 or parentheses es (45) SIREN COMPANY Income Statement For the Year Ended December 31, 2017 Variable Costing Sales 2173000 Variable Cost of Goods Sold 1456320 Variable Selling and Administrative Expenses 338660 1794980 Total Variable Expenses 378020 Contributin Me 251750 LD Variable Selling and Administrative Expenses 338660 1794980 Total Variable Expenses 378020 Contribution Marvin 251750 Fixed Manufacturing Overhead 222706 474456 i Fbced Selline and Administrative Expenses 96436 For the Year Ended December 31, 2017 Absorption Costing Sales 2173000 Cost of Goods Sold 1673620 Gross Profit 499380 Variable Selling and Administrative Expenses 338660 Fbed Selling and Administrative Expenses 222706 561366 61986 Net Income/(Loss