M05 Ch 19 Homework 2 Required information Saved Part 2 of 2 10 points 80131:40 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 44,000 units and sold 36,000 units at a price of $120 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 48 per unit $ 18 per unit $ 6 per unit $ 440,000 per year $ 11 per unit $ 105,000 per year Mc Book Exercise 19-3 (Algo) Part 2b 37F Graw Hill Partly cloudy 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) S < Prev 2 Q Search of 3 Next