During 2016, Rafael Corp. produced 52,800 units and sold 42,240 for $16 per unit. Variable manufacturing costs were $6 per unit. Annual fixed manufacturing overhead was $84,480 ($2 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $19,100. Prepare an absorption-costing income statement. Rafael Corp. Income Statement-Absorption Costing For the Year Ended December 3i.2016 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 Variable costing net income Fixed manufacturing overhead costs deferred in ending inventory Absorption costing operating income