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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 Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $22 $8 $528.000 $11 $105,000 1. Assume the company uses absorption costing. a. Determine its product cost per unit. Check (la) Absorption cost per unit, $102 b. Prepare its income statement for the year under absorption costing. 2. Assume the company uses variable costing. a. Determine its product cost per unit. (2a) Variable cost per unit, 590 b. Prepare its income statement for the year under variable costing. Cost per unit using absorption costing Direct materials. Direct labor... Variable overhead. Fixed overhead Total cost per unit. b. COOL SKY Absorption Costing Income Statement Sales Cost of goods sold Gross profit. Selling and administrative expenses. Net income. Part 2 Cost per unit using variable costing Direct materials Direct labor Variable overhead. Total cost per unit. b. COOL SKY Variable Costing Income Statement Sales Variable expenses Variable product costs Variable selling and administrative expenses Total variable expenses Contribution margin Fixed expenses Fixed manufacturing costs Fixed selling and administrative expenses Total fixed expenses Net income