During 2020, Rafael Corp. produced 38,900 units and sold 38,900 for $16 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $116,700 ($3 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $18,200. Prepare a variable-costing income statement.

Rafael Corp. Income Statement-Variable Costing $ $ $