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Question 11 Following is selected data for the year ended December 31, 2020 for Fabio Manufacturing Inc. Selling price: $30.00 per unit Units produced 305,000; sold 270,000; beginning inventory zero Variable unit costs: Manufacturing $21.00 (direct materials $10.00, direct labour $6.50, and variable overhead $4.50); Selling and administrative expenses $3.50 Fixed costs: Manufacturing overhead $416,000, based on a budgeted volume of 320,000 units Selling and administrative expenses $240,000 The company expenses production volume variances to cost of goods sold in the accounting period in which they occur. Prepare an income statement using throughput-costing for 2020. Fabio Manufacturing Inc. Income Statement Throughput Costing Total Other Operating Costs Beginning Inventory Variable Cost of Goods Sold Throughput Contribution Margin Net Income / (Loss) Ending Inventory Sales Other Operating Expenses 4} 4} 4} 4} 4} I} Fabio Manufacturing Inc. Income Statement Throughput Costing $ 4 4 4 Fixed Selling and Administrative Expenses Variable Costs of Goods Manufactured Direct Labour Costs Fixed Overhead Costs Goods Available for Sale Variable Overhead Costs Direct Material Costs Variable Selling and Administrative Expenses 4 #5