Please assist with the following problem.
A company that makes cameras uses both variable and absorption costing. The following information pertains to the year just ended:
| Units produced |
1,000 |
| Units sold |
750 |
| Selling price per unit |
$375 |
| Variable product costs per unit |
$100 |
| Variable selling expense per unit |
$20 |
| Fixed manufacturing overhead for the year |
$70,000 |
| Fixed administrative expense for the year |
$70,000 |
1) Prepare the income statement using absorption costing.