Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the first year of operations, Jackson produced 5,700 tons of plastic and sold 4,275 tons. In 2017, the production and sales results were exactly reversed. In each year, the selling price per ton was $2,000, variable manufacturing costs were 18% of the sales price of units produced, variable selling expenses were 9% of the selling price of units sold, fixed manufacturing costs were $3,762,000, and fixed administrative expenses were $550,000.JACKSON COMPANY Income Statement For the Year Ended December 31, 2016 Variable Costing Sales Variable Cost of Goods Sold Inventory, January 1 Variable Costs of Goods Manufactured 1200000 Variable Costs of Goods Available for Sale v 1200000 Inventory, December 31 (150000) Variable Cost of Goods Sold 1050000 Variable Selling Expenses 700000 Contribution Margin 2800000 Fixed Manufacturing Overhead Fixed Administrative Expenses 500000 Net Income/(Loss) 7000000 1750000 5250000 3300000 1950000