The LMN Company has the following costs associated with its production and sales.

Beginning Inventory n$/$a

Units Produced $75,000$

Units Sold $65,000$

Selling Price per Unit $ $18\mathrm{.}75$

Variable Selling Expense $ $1\mathrm{.}25$

Fixed Selling Expense $ $116,000\mathrm{.}00$

Direct Material Cost $ $3\mathrm{.}75$

Direct Labor Cost $ $4\mathrm{.}50$

Variable Mfg$.$ Overhead $ $3\mathrm{.}25$

Fixed Mfg$.$ Overhead $ $168,750\mathrm{.}00$

Prepare an Absorption Income Statement as of June $30,2023.$

$($Round the cost per product to $(2)$ two decimal places$)$