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4 Required information {The following information applies to the questions displayed below) Cool Sky reports the following for its first year of operations. The company

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4 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 un at a price of $130 per unit. 1 1 of 4 Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 54 per unit $ 20 per unit $6 per unit $ 462,000 per year $ 11 per unit $ 100,000 per year 1 10. Assume the company uses absorption costing. Determine its total product cost per unit Per unit product cost using: Absorption costing Total product cost per unit O 5 Part 2 of 4 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 unite at a price of $130 per unit. Direct materiala $ 54 per unit Direct labor $ 20 per unit Variable overhead $6 per unit Fixed overhead $ 462,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 100,000 per year 5 Joints 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing)

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