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! Required information [ The following information applies to the questions displayed below. ] Cool Sky reports the following for its first year of operations.

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Required information
[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
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
$528,000 per year
$11 per unit
$105,000 per year
2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.
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