1 Part 1 of 4 1 points eBook Hint Print References Required information [The following information applies to the questions displayed below.] Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 60 per unit $ 22 per unit $ 8 per unit $504,000 per year $ 10 per unit $ 115,000 per year 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Per unit product cost using: Direct labor Direct materials Fixed overhead Absorption costing Variable overhead Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) 2a. Assume the company uses variable costing. Determine its total product cost per unit. Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) Income