Use the first two images to answer the question on Image three using the SAME ACCOUNTS. All that has changed in the third image are the numbers. Don't use pencil or pen. Answers must be typed using professional accounting formatting.

\fBRIEF EXERCISE 8.10 (a) Rafael Corp. Income StatementAbsorption Costing For the Year Ended December 31, 2020 Sales (40,000 units x $15) Cost of goods sold: Beginning inventory Plus: Cost of goods manufactured (50,000 x $7.60) $380,000 Goods available for sale 380,000 Less: ending inventory (10,000 at $7.60) 76,000 Gross margin Less: S&A [Variable (40,000 x $2) + Fixed ($20,000)] Operating income before tax (b) Variable costing net income $180,000 Plus: Fixed manufacturing overhead costs deferred in ending inventory (10,000 units 8 $1.60) 16,000 Absorption costing operating income $196,000 $600,000 304,000 296,000 1 00,000 $196,000 BE8.8 (LO1) During 2020, Rafael Corp. produced 40,000 units and sold 40,000 for $15 per unit. Variable manufacturing costs were $6 per unit. Annual fixed manufacturing overhead was $80,000 ($2 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $20,000. Prepare a variable-costing income statement. Prepare a variable-costing income statement