1 The Hame Company manufactures trendy, good-looking, moderately priced umbrellas. The following data are for the year ended December 31, 2020 Required: Beginning inventory, January 1, 2020 100,000 units Ending inventory, December 31, 2020 50,000 units 2020 Sales 400,000 its Selling price Variable manufacturing cost per unit, including direct materials $25 per unit $6 per unit Variable selling & admin cost per unit sold Fixed manufacturing costs Fixed selling & admin costs $2 per unit sold $1,625,000 $1,100,000 Assumme standard costs per unit are the same for units in beginning inventory and units produced during the year. Also, assume no price, spending, or efficiency variances Prepare income statement under variable costing for the year ended December 31, 2020. For the toolbar, press ALT+F10 (PC) or ALT-FN+F10 (MC BIUS Paragraph Arial 10pr AM 21X60 QXx