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Brief Exercise 8.8 Your answer has been saved and sent for grading. See Gradebook for score details. During 2020, Rafael Corp. produced 39,500 units and sold 39,500 for $14 per unit. Variable manufacturing costs were $6 per unit. Annual fixed manufacturing overhead was $79,000 ($2 per unit). Variable selling and administrative costs were $3 per unit sold, and fixed selling and administrative expenses were $19,100. Prepare a variable-costing income statement. Rafael Corp. Income Statement-Variable Costing For the Year Ended December 31, 2020 Sales $ 553,000 Less: Variable costs Variable cost of goods sold $ 237,000 Variable selling and administrative expenses 118,500 Total variable costs 355,500 Contribution margin 197,500 Less: Fixed costs Fixed manufacturing overhead 79,000 Fixed selling and administrative expenses 19,100 Total fixed costs 98, 100 Operating income before tax $ 99,400