Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 60 per unit $ 22 per unit $ 8 per unit $ 480,000 per year $ 9 per unit $ 100,000 per year 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) Income