! 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 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) $ $ 60 per unit $22 per unit. $8 per unit 528,000 per year $10 per unit $ $ 120,000 per year 0

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 soid 36,000 units at a price of $140 per unit. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing