The Hame Company manufactures trendy, good looking, moderately priced umbrellas. The following data are for the year ended December 31, 2020: Beginning inventory, January 1, 2020 Finding inventory, December 31, 2020 100,000 50,000 2020 Sales 400,000 units Selling price $25 per unit Versable manufacturing cost per unit, including direct materials $6 per unit Variable selling & admin cost per unit sold $2 per unit sold Fixed manufacturing costs $1,625,000 Fixed selling & admin. costs $1,100,000 Required: Assume standard costs per unit are the same for units in beginning inventory and units produced during the year. Also, assume no price, spending, or efficiency variances. Prepare income statement under variable costing for the year ended December 31, 2020. For the toolbar, press ALT+F10 (PC or ALT+FN+F10 (Mac)