During 2020, Rafael Corp. produced 46,700 units and sold 37,360 for $17 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $74,720. Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $18,400. (a) Prepare an absorption-costing income statement. Rafael Corp. Income Statement-Absorption Costing For the Year Ended December 31, 2020 Sales 635120 Cost of goods sold Beginning inventory 0 $ Add Costs of goods manufactured Goods available for sale Less Ending inventory Gross margin Selling and administrative expenses Less Operating income before tax (b) $xxx Variable costing net income Plus: Fixed manufacturing overhead costs deferred in ending inventory (10,000 units * $1.60) Absorption costing operating income XXXX $XXXXX