During 2020, Rafael Corp. produced 52,000 units and sold 41,600 for $14 per unit. Variable manufacturing costs were $7 per unit. Annual fixed manufacturing overhead was $83,200. Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $20,000. Prepare an absorption-costing income statement. Rafael Corp. Income Statement-Absorption Costing For the Year Ended December 31, 2020 Sales $ 582400 Cost of goods sold Cost of goods sold $ 447200 Add : Selling and administrative expenses 83200 Goods available for sale 530400 Less : Ending inventory Cost of goods sold Selling and administrative expenses Operating income before tax $ $