Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 40,000 units and sold 32,000 units at a price of $130 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative cost Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ $ $ $ 440,000 54 20 6 $ 11 $ 120,000 1b. Assume the company uses absorption costing. Prepare its income statement for the year und absorption costing. Net income (loss) COOL SKY Absorption Costing Income Statement 2a. Assume the company uses variable costing. Determine its product cost per unit. Per unit product cost using: Cost per unit Variable costing 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Net income (loss) COOL SKY Variable Costing Income Statement