Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials $7.50 Direct labor $3.45 Variable manufacturing overhead $5.80 Variable selling and administrative expenses $3.90 Fixed Costs per Year Fixed manufacturing overhead $225,000 Fixed selling and administrative expenses $210,100 Siren Company sells the fishing lures for $25. During 2020, the company sold 80,000 lures and produced 90,000 lures.

Prepare a variable costing income statement for 2020.