Exercise 19-17 a-d Crane Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses Crane Company sells the fishing lures for $25.50. During 2020, the company sold 79,000 lures and produced 88,000 lures. Your answer is correct. Assuming the company uses variable costing, calculate Crane's manufacturing cost per unit for 2020. (Round answer to 2 decimal places, e.g. 10.50.) Manufacturing cost per unit SHOW SOLUTION SWANSWER LINK TO TEXT Your answer is partially correct. Try again. Prepare a variable costing income statement for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CRANE COMPANY Income Statement For the Year Ended December 31, 2020 Variable Costing 2.014.300 Variable Cost of Goods Sold 1.350.110 Variable Sling and Adminive Expenses Contribution Margien Faed Manufacturing Overhead Ford Selling and Administrative Expenses 204.300 Net Income/(Loss) Your answer is correct. Assuming the company uses absorption costing, calculate Crane's manufacturing cost per unit for 2020. (Round answer to 2 decimal places, e.g. 10.50.) Manufacturing cost per unit 19.64 SHOW ANSWER SHOW SOLUTION LINK TO TEXT Your answer is partially correct. Try again. Prepare an absorption costing income statement for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CRANE COMPANY Income Statement For the Year Ended December 31, 2020 Absorption Costing Sales 2,014,500 Cost of Goods Sold 1,551,560 Gross Profit 462,940 Variable Selling and Administrative Expenses 314,420 Fixed Selling and Administrative Expenses 214,302 528,722 Net Income/(Loss) 991,662