Prepare an absorption costing income statement for 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SIREN COMPANY Income Statement Absorption Costing A Sales $ V Variable Cost of Goods Sold 11 4 AC Contribution Margin Fixed Manufacturing Overhead Fixed Selling and Administrative Expenses 2 Net Income/(Loss) SIREN COMPANY Income Statement Absorption Costing $ Sales Variable Cost of Goods Sold I Contribution Margin Fixed Manufacturing Overhead $ Fixed Selling and Administrative Expenses Net Income/(Loss) $ Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2017, the company incurred the following costs Questio Accounting Variable Costs per Unit Direct materials $7.80 Question Accounting Direct labor $3.59 $6.03 Variable manufacturing overhead Variable selling and administrative expenses Viewing 4 Accounting $ 4,06 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $ 231.400 $ 218,504 Siren Company sells the fishing lures for $26.00. During 2017, the company sold 75000 lures and produced 89.000 lures