Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36,000 units at a price of $130 per unit. Direct materials $ 54 per unit Direct labor $ 20 per unit Variable overhead $ 6 per unit Fixed overhead $ 484,000 per year Variable selling and administrative expenses $ 10 per unit Fixed selling and administrative expenses of $ 110,000 per year Assume the company uses variable costing. Prepare its income statement for the year under variable costing