View Policies Show Attempt History Current Attempt in Progress During 2022, Rafael Corp. produced 40,000 units and sold 40,000 for $15.00 per unit. Variable manufacturing costs were $6.00 per unit. Annual fixed manufacturing overhead was $80,000 ($2.00 per unit). Variable selling and administrative costs were $2.00 per unit sold, and fixed selling and administrative expenses were $20,000. Suppose the accountant for Rafael Corp.uses normal-absorption costing and uses the budgeted volume of 50,000 units to allocate the fixed overhead rather than the actual production volume of 40,000 units. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. (a) Calculate the manufacturing cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Manufacturing cost $ per unit e Textbook and Media Save for Later Attempts: unlimited Submit Answer Prepare a normal-absorption-costing income statement for the first year of operation. RafaelCorp. Income Statement-Normal-Absorption Costing For the Year Ended December 31, 2022 Sales $ 600000 Cost of goods sold Beginning inventory $ $ i Add : Costs of goods manufactured 240000 Cost of goods sold 240000 Add : Volume variance 240000 240000 Gross margin 240000 Less Selling and administrative expenses 20000 Operating income $ 240000