Cool Sky reports the following for its first year of operations. The company produced $42,000$ units and sold $34,000$ units at a price of $$150$ per unit.

Direct materials $ $66$ per unit

Direct labor $ $25$ per unit

Variable overhead $ $9$ per unit

Fixed overhead $ $546,000$ per year

Variable selling and administrative expenses $ $11$ per unit

Fixed selling and administrative expenses $ $105,000$ per year

Exercise $6-3($Algo$)$ Part $1$b

$1$b$.$ Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.