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[The following information applies to the questions displayed below.] Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36,000 units at a price of $140 per unit.

Direct materials	$ 60	per unit
Direct labor	$ 22	per unit
Variable overhead	$ 8	per unit
Fixed overhead	$ 528,000	per year
Variable selling and administrative expenses	$ 11	per unit
Fixed selling and administrative expenses	$ 105,000	per year

1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.