During 2020, Rafael Corp. produced 30,000 units and sold 30,000 for $16 per unit. Suppose the accountant for Rafael Corp. uses normal costing and uses the budgeted volume of 50,000 units. Variable manufacturing costs were $5 per unit. Annual fixed manufacturing overhead was $60,000 ($3 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $40,000. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs.