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

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 $130 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Exercise 19-3 (Algo) Part 1b $ 54 $ 2e $ 462, eee lie, eee per per per per per per unit unit unit year unit year 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing)