Completion Status: The Hame Company manufactures trendy, good-looking, moderately priced umbrellas. The following data are for the year ended December 31, 2020: Beginning inventory, January 1, 2020 Ending inventory, December 31, 2020 2020 Sales Selling price 100,000 units 50,000 units 400,000 units Variable manufacturing cost per unit, including direct materials $25 per unit $6 per unit Variable selling & admin. cost per unit sold $2 per unit sold Fixed manufacturing costs Fixed selling & admin. costs $1,625,000 $1,100,000 Required: Assume 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