3 Part 2 of 4 points eBook 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 40,000 units and sold 32,000 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 $ 480,000 per year $ 10 per unit $ 110,000 per year 00 8 Hint 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) Print Sales $ 4,480,000 Cost of goods sold References Gross profit 4,480,000 Income $ 4,480,000