The following information pertains to the JAG Corporation for the month of July 100,000 units were sold in July at a selling price per unit of $24. The standard unit manufacturing costs for the month were: VCU FCU Total Mfg cost per unit $12 $16 Selling and administrative costs for the month were: VCU Total fixed S&A costs $5 $400,000 The unit rate for fixed manufacturing costs is a predetermined rate based on a capacity level of 150,000 units per month. Production for July was 45,000 units less than sales. Ending inventory on June 30 consisted of 80,000 units. Actual fixed manufacturing costs were $600,000. Instructions: Prepare a variable costing income statement that includes the calculations of variable cost of goods sold.