Empey Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units produced equalled units sold in 2020. The company's variable-costing income statement and other data are as follows: $534,845 EMPEY MANUFACTURING Income Statement Year Ended December 31, 2020 Variable Costing Sales (260,900 units) Variable cost of goods sold $273.945 Variable selling expenses 26,090 Variable administrative expenses 31,308 Contribution margin Fixed manufacturing overhead 91,315 Fixed selling expenses 37,100 Fixed administrative expenses 41,600 Net income 331,343 203.502 170,015 $33,487 $2.05 0.30 Unit selling price Variable costs per unit Direct material Direct labour Variable overhead Variable selling expenses Variable administrative expenses 0.35 0.40 0.10 0.12 (a) Your answer is correct. Calculate the manufacturing cost per towel under variable costing (Round answer to 2 decimal places, eg. 15.25.) Manufacturing cost $ 1.05 per towel Calculate the manufacturing cost per towel under absorption costing. (Round answer to 2 decimal places, e.g. 15.25.) Manufacturing cost per towel Prepare an absorption-costing income statement for Empey Manufacturing. EMPEY MANUFACTURING Income Statement Absorption Costing >