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 $140 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 60 S 22 8 $528,000 S 11 $105,000 . Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. COOL SKY Absorption Costing Income Statement Sales 5,040,000 Less: Cost of goods sold Direct materials 2,160,000 Direct labor 792,000 Variable overhead costs 288,000 Fixed overhead costs 3,240,000 Net income (loss)