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 301,700; sold 261,900; beginning inventory zero Variable unit costs Manufacturing $21.20 (direct materials $10.30, direct labour $6.50, and variable overhead $4.40); Selling and administrative expenses $3.90 Fixed costs: Manufacturing overhead $482,100, based on a budgeted volume of 321,400 units Selling and administrative expenses $253,700 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