Summarized data for Backdraft Co. for its first year of operations are as follows: Sales (90,000 units) $3,500,000 Production Costs (100,000 units) Direct Material $1,100,000 Direct Labor $400,000 Manufacturing Overhead Variable $200,000 Fixed $100,000 Selling & Administrative Expenses Variable $80,000 Fixed $50,000 Prepare an income statement under absorption costing