Question 24 Empey Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units produced equalled units sold in 2020. The company's variable-costing income statement and other data are as follows: $592,900 EMPEY MANUFACTURING Income Statement Year Ended December 31, 2020 Variable Costing Sales (269,500 units) Variable cost of goods sold $269,500 Variable selling expenses 26,950 Variable administrative expenses 32,340 Contribution margin Fixed manufacturing overhead 94,325 Fixed selling expenses 37,000 Fixed administrative expenses 42,200 328,790 264,110 173,525 $90,585 Net income $2.20 0.25 Unit selling price Variable costs per unit Direct material Direct labour Variable overhead Variable selling expenses Variable administrative expenses 0.35 0.40 0.10 0.12 Calculate the manufacturing cost per towel under variable costing. (Round answer to 2 decimal places, e.g. 15.25.) Manufacturing cost per towel Calculate the manufacturing cost per towel under absorption costing. (Round answer to 2 decimal places, e.g. 15.25.) Manufacturing cost per towel Prepare an absorption-costing income statement for Empey Manufacturing. EMPEY MANUFACTURING Income Statement Absorption Costing $ $ $