Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.

Required In formatlon (The following information applies to the questions displayed below} Cool Sky reports the following costing data on its product for its first year of operations. During this first year. the company produced 42.000 units and sold 34.000 units at a price of $120 per unit. Manufacturi Di aterials unit Direct labor Variable Selling a&inistrati variable selling Fixed selling and s aze, eee s lgs,e lb. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.