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 year of operations. The company produced 44,000 units and sold 36,000 units at a price of $110 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 42 per unit $ 16 per unit $5 per unit $ 396,000 per year $ 12 per unit $110,000 per year Exercise 19-3 (Algo) Part 1a 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Per unit product cost using: Direct materials Direct labor Variable overhead Fixed overhead Absorption costing $ 42 16 5 Total product cost per unit $ 63