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Siren Company builds custom fishing lures for sporting goods stores. In its first year of...

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Accounting

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Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $9.00 $4.14 $6.96 $4.68 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $288,000 $252,120 Siren Company sells the fishing lures for $30.00. During 2020, the company sold 82,000 lures and produced 96,000 lures. (b) Prepare a variable costing income statement for 2020. (Enter negative amounts using either a ne (45).) SIREN COMPANY Income Statement For the Year Ended December 31, 2020 Variable Costing Sales 2460000 Variable Cost of Goods Sold Variable Selling and Administrative Expenses 4 Contribution Margin Fixed Manufacturing Overhead Fixed Selling and Administrative Expenses Net Income/(Loss)

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