Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36.000 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 costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 54 $ 20 5 5 $ 484,000 $ 9 $ 110,000 Exercise 19-9 Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. 3 4,680,000 COOL SKY Absorption Conting Income Statement Sales Less: Cost of goods sold Direct materials $ 1.944,000 Direct labor 720,000 Variable overhead costs 216,000 Fixed overhead costs 396.000 Costin non solo 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing, $ 4,680.000 COOL SKY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials $ 1.944,000 Direct labor 720,000 Variable overhead costs 216,000 Fixed overhead costs 396.000 3,276,000 Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs 360,000 110.000 470,000 Total selling and administrative expenses Net income (loss) Per unit product cost using: Variable costing Total cost per unit COOL SKY Variable Costing Income Statement Net income (loss)