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 46,000 units and sold 38,000 units at a price of $140 per unit. Direct eaterials Direct labor Variable overhead Fixed overhead Variable selling and adrinistrative expenses Fixed selling and adainistrative expenses $60 per unit $22 per unit $8 per unit $552,000 per year $11 per unit $100,000 per year Exercise 19-3 (Algo) Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing