HOW DO I CALCULATE?

Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,00o0 units and sold 34,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year 60 22 8 $504,000 Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year 10 $110,000 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. COOL SKY Absorption Costing Income Statement 5,040,000 Sales Plus: Cost of goods sold $ 3,672,000 3,672,000 Net income (loss)