Following is the revenue and cost data for Barian Ltd. in the manufacturing of luxury shower curtains for the year ended December 31, 2020:

Variable manufacturing costs $30 per curtain

Fixed manufacturing overhead $65,600

Variable selling and administrative expenses $6 per curtain

Fixed selling and administrative expenses $180,500

Selling price $82 per curtain

Units produced and sold 8,200

Prepare an income statement using absorption costing.

Barian Ltd. Income Statement December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020 Absorption Costing
Fixed CostsNet Income / (Loss)Variable CostsGross ProfitContribution MarginSalesCost of Goods Sold		$
SalesFixed CostsContribution MarginVariable CostsGross ProfitNet Income / (Loss)Cost of Goods Sold
Contribution MarginGross ProfitFixed CostsCost of Goods SoldNet Income / (Loss)Variable CostsSales
Variable Selling and Administrative ExpensesFixed Selling and Administrative ExpensesVariable Cost of Goods SoldVariable Costs of Goods ManufacturedFixed Manufacturing OverheadVariable Costs of Goods Available for Sale
Variable Selling and Administrative ExpensesFixed Manufacturing OverheadVariable Cost of Goods SoldVariable Costs of Goods ManufacturedVariable Costs of Goods Available for SaleFixed Selling and Administrative Expenses
SalesCost of Goods SoldGross ProfitNet Income / (Loss)Fixed CostsVariable CostsContribution Margin		$

Prepare an income statement using variable costing.

Barian Ltd. Income Statement December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020 Variable Costing
Contribution MarginVariable CostsNet Income / (Loss)Fixed CostsGross MarginCost of Goods SoldSales		$
Variable Selling and Administrative ExpensesFixed Selling and Administrative ExpensesVariable Cost of Goods SoldFixed Manufacturing OverheadVariable Costs of Goods Available for Sale
Variable Costs of Goods Available for SaleVariable Selling and Administrative ExpensesVariable Cost of Goods SoldFixed Selling and Administrative ExpensesFixed Manufacturing Overhead
SalesGross MarginCost of Goods SoldFixed CostsNet Income / (Loss)Variable CostsContribution Margin
Fixed Manufacturing OverheadVariable Selling and Administrative ExpensesVariable Costs of Goods Available for SaleFixed Selling and Administrative ExpensesVariable Cost of Goods Sold
Variable Cost of Goods SoldVariable Costs of Goods Available for SaleFixed Manufacturing OverheadVariable Selling and Administrative ExpensesFixed Selling and Administrative Expenses
Contribution MarginVariable CostsGross MarginCost of Goods SoldFixed CostsNet Income / (Loss)Sales		$