Exercise 19-3 (Algo) Income statement under absorption costing and variable costing LO P1, P2 [The following information applies to the questions displayed below.] 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 $110 per unit. 1a. Assume the company uses absorption costing. Determine its total product cost per unit. 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. 2a. Assume the company uses variable costing. Determine its total product cost per unit. Exercise 193 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under varlable costing