In 2020, the company produced 3,038,000 units but sold only 2,502,000 units. The unit selling price was $1.50 per Frisbee. The company had no beginning inventory. Costs and expenses for the year ended December 31, 2020 were as follows: Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses $0.45 0.08 0.17 0.23 Annual fixed costs and expenses: Manufacturing overhead Selling and administrative expenses $425,320 346,000 Prepare an income statement using absorption costing. Toy Centre Inc. Income Statement Absorption Costing Toy Centre Inc. Income Statement Variable Costing