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 $9.60 Direct labor $4.42 Variable manufacturing overhead $7.42 Variable selling and administrative expenses $4.99 Fixed Costs per Year Fixed manufacturing overhead $281,600 Fixed selling and administrative expenses $268,928 Siren Company sells the fishing lures for $32.00. During 2020, the company sold 79,000 lures and produced 88,000 lures. SIREN COMPANY Income Statement December 31, 2020 Variable Costing Sales $ 281,600 Variable Cost of Goods Sold $ CA 2,390,080 Variable Selling and Administrative Expenses 675,810 2,325,840 Contribution Margin 490,160 Fixed Manufacturing Overhead 281,600 i Fixed Selling and Administrative Expenses 268,928 i 550,528 i Net Income/(Loss) $ $ 813,730