Cost of Goods Manufactured, using Variable Costing and Absorption Costing On December 31, the end of the first year of operations, Frankenreiter Inc., manufactured 3,200 units and sold 2,800 units. The following income statement was prepared, based on the variable costing concept: Frankenreiter Inc. Variable Costing Income Statement For the Year Ended December 31, 20Y1 Sales $644,000 Variable cost of goods sold: Variable cost of goods manufactured $352,000 Inventory, December 31 (44,000) Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs 308,000 $336,000 78,400 $257,600 Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs $163,200 50,400 213,600 Income from operations $44,000 $44,000 Income from operations Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. Variahle casting Absorption costing