Question 3 Asian Windows manufactures a hand-painted bamboo window shade for standard-size windows. Production and sales data for 2020 are as follows: Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Selling price Units produced Units sold $40 per shade $107,000 $9 per shade $250,400 $90 per shade 10,700 shades 8,610 shades (a) Your answer is correct. Prepare an income statement using absorption costing. ASIAN WINDOWS Income Statement For the Year Ended December 31, 2020 Absorption Costing Sales 774900 Less Cost of goods sold 430500 Gross profit 344400 Less Selling and administrative expenses Variable -77490 Fixed -250400 -327890 Net income 16510 Net income SHOW SOLUTION LINK TO TEXT (b) Prepare an income statement using variable costing. (Enter loss using either a negative sign prece ASIAN WINDOWS Income Statement For the Year Ended December 31, 2020 Variable Costing