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Required information

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Part $4$ of $4$

Coot 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 $$120$ per unit.

Direct materials

$6\mathrm{.}56$

points

$02$:$45$:$02$

Direct labor

Variable overhead

Fixed overhead

Variable selling and administrative expenses

Fixed selling and administrative expenses

$$48$ per unit

$$18$ per unit

$$6$ per unit

$$460,000$ per year

$$11$ per unit

$$115,000$ per year

$2$b$.$ Assume the company uses variable costing. Prepare its income statement for the year under variable costing.

$\backslash$table$[[$Income Statement $($Variable Costing$)],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[$Income$,,]]$