Required information Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 IThe 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 46,000 units and sold 38,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year 552,000 $10 Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year Exercise 19-9 Part 1a 1a. Assume the company uses absorption costing Determine its product cost per unit Per unit product cost using: Absorption costing Cost per unit 2b. Ass ume the company uses variable costing. Prepare its income statement for the year under variable costing COOL SKY Variable Costing In Net income (loss)