Following is selected data for the year ended December 31, 2020 for Fabio Manufacturing Inc. Selling price: $30.00 per unit Units produced 310,700; sold 273,700; beginning inventory zero Variable unit costs Manufacturing $20.40 (direct materials $10.30, direct labour $6.10, and variable overhead $4.00); Selling and administrative expenses $5.90 Fixed costs: Manufacturing overhead $488,550, based on a budgeted volume of 325,700 units Selling and administrative expenses $556,500 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. 125.) Fabio Manufacturing Inc. Income Statement Absorption Costing Using Normal Costing