Required information Exercise 6-3 (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 waterials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 60 per unit $ 22 per unit $ 8 per unit $ 552,00 per year $10 per unit $ 115,000 per year Exercise 6-3 (Algo) Part 1a 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Per unit product cost using: Absorption costing Total product cost per unit S 3 Prey 2. N 4 of 4 BE BBB Next Exercise 6-3 (Algo) Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing Income Statement (Absorption Costing) Sales 0 7 . Cost of goods sold (Gross profit Selling and administrative expenses Income S 0 Exercise 6-3 (Algo) Part 2a 20. Assume the company uses variable costing. Determine its total product cost per unit. Per unit product cost using: Variable costing Total product cost per unit S Exercise 6-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing Income Statement (Variable Costing) Income