Thelempany was doing, medertly priced umbele. The following data are for the year roded December 31, 2010: 100,000 units Beginning inney, Jamary 1, 2030 Ending inventory, December 31, 2020 50,000 units 2020 Sales 400,000 units 525 per unit 56 per unit Selling price Variable manufacturing cost per unit, including direct material Variable selling & admin cont per unit sold Fixed manufacturing costs $2 per unit sold $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