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11 Part 2 of 4 ports ellook Print References Required information [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 44,000 units and sold 36,000 units at a price of $140 per unit. Manufacturing costs 30 $ 22 Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year selling and administrative costs S 0 $ 520,000 variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 11 $ 105,000 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing COOL SKY Absorption Costing Income Statement Sales $ 5,040,000 Less Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs 3.240,000 1.365,000 501,000 867,000 Gross margin Variable selling and administrative expenses Fixed selling and administrative costs Total selling and administrative expenses Net income (loss) 2,160,000 792,000 288,000 396.000 105,000 11 Part 2 of 4 1 Required Information [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 44,000 units and sold 36,000 units at a price of $140 per unit. Manufacturing costs 60 Direct materials per unit Direct labor per unit Variable overhead per unit $ 22 $ 8 Fixed overhead for the year. $ 528,000 Selling and administrative costs Variable selling and administrative cost per unit $ 11 Fixed selling and administrative cost per year. $ 105,000 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing & Answer is not complete. COOL SKY Absorption Costing Income Statement Sales s 5.040,000 Less Cost of goods sold Direct materials Direct labor Variable overhead costs Fored overhead costs 3,240,000 1,308,000 501,000 867,000 Gross margin Variable selling and administrative expenses Foxed selling and administrative costs Total selling and administrative expenses Net income (loss) 000000 3 O 00 O 2.100,000 792.000 288.000 300.000 105,000 S