The variable costing income statement for XYZ Company for 2017 is as follows:

Sales (5,000 units)		$100,000
Variable expenses:
Cost of goods sold	$40,000
Selling (10% of sales)	10,000	50,000
Contribution margin		$ 50,000
Fixed expenses:
Manufacturing overhead	$25,000
Administrative	15,000	40,000
Operating income		$ 10,000

Selected data for 2017 concerning the operations of the company are as follows:

Beginning inventory	-0- units
Units produced	7,000 units
Manufacturing costs:
Direct labor	$4.00 per unit
Direct materials	3.00 per unit
Variable overhead	1.00 per unit

Required: Prepare an absorption costing income statement for 2017.