Question 12 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 $75,150 Variable selling and administrative expenses $6 per curtain Fixed selling and administrative expenses $182,500 Selling price $85 per curtain Units produced and sold 8,350 Prepare an income statement using absorption costing. Barian Ltd. Income Statement For the Year Ended December 31, 2020 Absorption Costing - Sales $ 709,750 Cost of Goods Sold 4 (325650) Gross Profit 384100 Variable Selling and Administrative Expenses (50,100) Fixed Selling and Administrative Expenses (182500) 151500 Net Income / (Loss) Prepare an income statement using variable costing. Barian Ltd. Income Statement For the Year Ended December 31, 2020- Variable Costing Sales Variable Cost of Goods Sold Variable Selling and Administrative Expenses Contribution Margin Fixed Manufacturing Overhead Fixed Selling and Administrative Expenses Net Income / (Loss)