BE8.8 (LO 1) 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. *BE8.9 (LO 4) Information for Rafael Corp. is given in BE8.8. Suppose the accountant for Rafael Corp. uses normal costing and uses the budgeted volume of 50,000 units to allocate the fixed overhead rate rather than the actual production volume of 40,000 units. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. Prepare a normal-costing income statement. a. Calculate the manufacturing cost per unit and prepare a normal-costing income statement for the first year of operation. b. Reconcile the difference in net income between the variable-costing and normal-costing methods. BE8.10 (LO 1. 2) Information for Rafael Corp. is given in BE8.8. Prepare absorption-costing income statement and reconcile the difference in net income under the two approaches a. Prepare an absorption-costing income statement. b. Reconcile the difference between the net income under variable costing and the net income under absorption costing. That is, show a calculation that explains what causes the difference in net income between the two approaches. wood 20.000 units and sold 18.000 during the current year Under absorption costing net income was $25.000.