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 100,000 units Required: Ending inventory, December 31, 2020 50,000 units 2020 Sales 400,000 units Selling price $25 per unit Variable 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 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