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During 2020, Rafael Corp.produced 49,900 units and sold 44,910 for $14 per unit. Variable manufacturing costs were $5 per un Annual fixed manufacturing overhead was $89,820. Variable selling and administrative costs were $2 per unit sold, and fixed sell and administrative expenses were $19.400. Prepare an absorption costing income statement. Rafael Corp Income Statement-Absorption Costing Rafael Corp. Income Statement-Absorption Costing V December 31, 2020 For the Month Ended December 31, 2020 For the Year Ended December 31, 2020 EN Rafael Corp. Income Statement-Absorption Costing Contribution margin Fixed costs Sales Variable costs Cost of goods sold Gross margin Operating income before tax $ Rafael Corp. Income Statement-Absorption Costing Fboed costs Cost of goods sold Sales Operating income before tax Contribution margin Variable costs Gross margin Rafael Corp. Income Statement-Absorption Costing $ Volume variance Costs of goods manufactured Goods available for sale Ending inventory Beginning inventory Cost of goods sold Selling and administrative expenses $ Rafael Corp. Income Statement-Absorption Costing Ending inventory Costs of goods manufactured Volume variance Beginning inventory Goods available for sale Selling and administrative experses Cost of goods sold $ Rafael Corp. Income Statement-Absorption Costing Costs of goods manufactured Selling and administrative expenses Beginning inventory Cost of goods sold Goods available for sale Ending inventory Volume variance $ Rafael Corp. Income Statement-Absorption Costing Costs of goods manufactured Goods available for sale Ending inventory Selling and administrative expenses Volurte variance Cost of Boods sold Beginning inventory Rafael Corp. Income Statement-Absorption Costing $ Add Less $ Rafael Corp. Income Statement-Absorption Costing Contribution margin Variable costs Operating income before tax Sales Gross margin Cost of goods sold Fixed costs

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