The following items were among those that were reported on Wildhorse Co.'s income statement for the year ended December 31, 2020: Legal and audit fees $589000 Rent for office space 712000 Interest expense 850000 Loss on abandoned equipment used in operations 139500 The office space is used equally by Wildhorse's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in Wildhorse's multiple-step income statement?

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.