Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones. Beginning Inventory 0
Units Produced 25,000
Units Sold 20,000
Selling Price per Unit $144
Variable Sales and Administration Expenses $5
Fixed Sales and Administration Expenses $975,000
Direct Material Cost per Unit $25
Direct Labor Cost per Unit $11
Variable Manufacturing Overhead Cost per Unit $2
Fixed Manufacturing Overhead Cost per Month $977,500
Prepare an income statement under the absorption method.