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		$10.65
Direct labor		$4.90
Variable manufacturing overhead		$8.24
Variable selling and administrative expenses		$5.54
Fixed Costs per Year
Fixed manufacturing overhead		$319,500
Fixed selling and administrative expenses		$298,342

Siren Company sells the fishing lures for $35.50. During 2020, the company sold 80,000 lures and produced 90,000 lures.

Prepare an absorption costing income statement for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

SIREN COMPANY Income Statement For the Year Ended December 31, 2020 Absorption Costing