Brief Exercise 8.10 a-b (Part Level Submission)

During 2020, Rafael Corp. produced 51,700 units and sold 41,360 for $17 per unit. Variable manufacturing costs were $5 per unit. Annual fixed manufacturing overhead was $82,720. Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $19,300.

a) Make an absorption costing income statement. All accounts are CORRECT and DO NOT NEED TO BE CHANGED.

Rafael Corp. Income StatementAbsorption Costing . For the Year Ended December 31, 2020 -- Sales -. $ Cost of goods sold Beginning inventory a $ Add . _ Costs of goods manufactured Goods available for sale Less ~ . Ending inventory Gross margin Less .. . Selling and administrative expenses Operating income before tax -- $