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 $150 per unit Manufacturing costs $ 66 Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year 25 $ 520,000 12 Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 120,000 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing COOL SKY Absorption Costing Income Statement Net income (loss)