Prepare an absorption costing income statement for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SIREN COMPANY Income Statement Absorption Costing $ $ eTextbook and Media Attempt in Progress Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $11.25 $5.18 $8.70 $5.85 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $348,750 $315,150 Siren Company sells the fishing lures for $37.50. During 2020, the company sold 82,000 lures and produced 93,000 lures