Posey Manufacturing has the following cost information available for the most current year.

Direct Material $6.00 per unit

Direct Labor 4.00 per unit

Variable man overhead 2.00 per unit

Variable S&A costs 1.00 per unit

Fix man overhead 80,000

Fixed S&A costs 25,000

During the year, Posey produced 12,500 units, out of which 11,000 were sold for $60 each.

Required

Produce an income statement using variable costing.