Question 11 Following is selected data for the year ended December 31, 2020 for Fabio Manufacturing Inc. Selling price: $30.30 per unit Units produced 310,900; sold 274,900; beginning inventory zero Variable unit costs: Manufacturing $20.70 (direct materials $10.50, direct labour $6.10, and variable overhead $4.10); Selling and administrative expenses $3.60 Fixed costs: Manufacturing overhead $460,180, based on a budgeted volume of 328,700 units Selling and administrative expenses $256,800 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