(Answered) Question aj manufacturing company incurred 50000 of fixed

Accounting

Question: AJ Manufacturing Company incurred $50,000 of fixed product cost and $40,000 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,000 of fixed selling and administrative costs and $13000 of variable selling and adminstrative costs. The company sold all of the units it produced for $160,000.

Required: Prepare an income statement using the format required by generally accepted accounting Principles (GAAP).

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