Following is selected data for the year ended December 31, 2020 for Fabio Manufacturing Inc. Selling price: $30.20 per unit Units produced 302,400; sold 266,400; beginning inventory zero Variable unit costs: Manufacturing $21.00 (direct materials $10.40, direct labour $6.30, and variable overhead $4.30); Selling and administrative expenses $5.60 Fixed costs: Manufacturing overhead $434,565, based on a budgeted volume of 321,900 units Selling and administrative expenses $544,000 The company expenses production volume variances to cost of goods sold in the accounting period in which they occur. Prepare a normal-costing income statement for 2020. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Fabio Manufacturing Inc. Income Statement Absorption Costing Using Normal Costing