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 naterials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $60perunit$22perunit$8perunit$552,000peryear$11perunit$100,000peryear Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. 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 naterials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $60perunit$22perunit$8perunit$552,000peryear$11perunit$100,000peryear Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing