Brief Exercise 8.8 During 2020, Rafael Corp. produced 40,000 units and sold 40,000 for $16 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 $18,400. Prepare a variable-costing income statement. Rafael Corp. Income Statement-Variable Costing $ $ $