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 42,000 units and sold 34,000 units at a price of $130 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 5 54 $ 20 $ $ 462,000 $ $ 100,005 Exercise 06.9 Part 2b 2b. Assume the company uses variable costing Prepare its income statement for the year under variable costing 4,420,000 COOL SKY Variable Costing Income Statement Sales Less Cost of goods sold Variable overhead costs $ 1,836.000 Variable selling and administrative expenses 680,000 204,000 Total variable costs 2,720,000 374.000 Plus Cost of goods sold Fbeed selling and administrative costs Variable selling and administrative expenses 306.000 100,000 462,000