Following is selected data for the year ended December 31, 2020 for Fabio Manufacturing Inc. Selling price: $30.20 per unit Units produced 307,000; sold 268,800; beginning inventory zero Variable unit costs: Manufacturing $20.90 (direct materials $10.00, direct labour $6.40, and variable overhead $4.50); Selling and administrative expenses $3.90 Fixed costs: Manufacturing overhead $422,110, based on a budgeted volume of 324,700 units Selling and administrative expenses $246,200 The company expenses production volume variances to cost of goods sold in the accounting period in which they occur. Prepare an income statement using throughput-costing for 2020. Fabio Manufacturing Inc. Income Statement Throughput Costing