A business operated at 100% of capacity during its first month, with the following results: 
What is the amount of the gross profit that would be reported on the absorption costing income statement?
Definitions:
Price Ceiling
A legally imposed maximum price on a good or service, usually set below the equilibrium price to keep the goods affordable for consumers.
Equilibrium Price
The cost at which the amount of a product or service being sought matches the amount available, resulting in a stable market.
Price Ceiling
A government-imposed limit on how high the price of a product can be charged in the market to protect consumers from excessive prices.
Government
The organization that governs or administers a specific territory or country, responsible for creating and enforcing laws, policies, and regulations.
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