Required information 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 yeat of operations. The company produced 40,000 units and sold 32,000 units at a price of $120 per unit. Exercise 19-3 (Algo) Part 2b 2b. Assume the comparry uses varioble costing Prepare its income statement for the year under variable costing