Part 2 of 4 COOL SKY Absorption Costing Income Statement Sales $ 5,700,000 3 Less: Cost of goods sold points eBook Hint Ask 0 Print Gross margin 1,406,000 References 0 Net income (loss) 959,000Exercise 06-9 Part 2b Part 4 of 4 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. COOL SKY 3 Variable Costing Income Statement points Sales $ 5,700,000 Less: Variable costs eBook Variable selling and administrative expenses Hint Ask Print References Net income (loss)Required information Exercise 06-9 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 costing data on its product for its first year of operations. During this first year, the company produced 46,000 units and sold 38,000 units at a price of $150 per unit. Manufacturing costs Direct materials per unit 66 Direct labor per unit 25 Variable overhead per unit 9 Fixed overhead for the year $ 598, 900 Selling and administrative costs Variable selling and administrative cost per unit 9 Fixed selling and administrative cost per year $ 105,000