Required information Exercise 19-9 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 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 $110 per unit. Manufacturing costs Direct materials per unit $ 42 Direct labor per unit $ 16 Variable overhead per unit $ 5 Fixed overhead for the year $414,000 Selling and administrative costs Variable selling and administrative $ 11 cost per unit Fixed selling and administrative cost $105,000 per year Exercise 19-9 Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. COOL SKY Variable Costing Income Statement $ Sales 4,180,000 Less: Variable costs Variable product costs Variable selling and administrative expenses Contribution margin Net income (loss)