Question 9 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 $5.50 Fixed costs: Manufacturing overhead $416,000, based on a budgeted volume of 320,000 units Selling and administrative expenses $540,000 The company expenses production volume variances to cost of goods sold in the accounting period in which they occur. Prepare a normal-costing income statement for 2020. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Fabio Manufacturing Inc. Income Statement For the Year Ended December 31, 2020 Absorption Costing Using Normal Costing Sales 8100000 Cost of Goods Sold v Favourable Volume Variance Gross Margin Variable Selling and Administrative Expenses Fixed Selling and Administrative Expenses Net Income / (Loss)