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Question 3 (5 points) Bob's company builds custom fishing lures for sporting goods stores. In its 1st year of operations, 2020, the company incurred the following costs: Variable cost per unit Direct materials $ 6.50 Direct labour 2.75 Variable manufacturing overhead 5.75 Variable selling and administrative expenses 3.90 Fixed costs for year 4 Fixed manufacturing overhead $ 285,00 Fixed selling and administrative expenses 240,10 Bob's company sells the fishing lures for $25. During 2020, the company sold 80,000 lures and produced 95,000 lures. Instructions Prepare a variable costing income statement for 2020