Following is selected data for the year ended December 31, 2020 for Fabio Manufacturing Inc. Selling price: $30.20 per unit Units produced 302,100; sold 265,100; beginning inventory zero Variable unit costs: Manufacturing $21.00 (direct materials $10.00, direct labour $6.50, and variable overhead $4.50); Selling and administrative expenses $5.50 Fixed costs: Manufacturing overhead $418,080, based on a budgeted volume of 321,600 units Selling and administrative expenses $551,500 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 For the Year Ended December 31, 2020 Absorption Costing Using Normal Costing Sales 8006020 Cost of Goods Sold 5911730 Favourable Volume Variance 133420 Gross Margin Variable Selling and Administrative Expenses Fixed Selling and Administrative Expenses Net Income / (Loss)