Required information [The following information applies to the questions displayed below.] Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $120 per unit Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 48 $ 18 $ 6 $ 440,000 $ 9 $ 115, eee 2b. Assume the company uses variable costing. Prepare its income statement COOL SKY Variable Costing Income Statement Sales Less: Variable costs Variable product costs Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss) Per unit product cost using: Variable costing Direct materials per unit Direct labor per unit Variable overhead per unit Total cost per unit COOL SKY Absorption Costing Income Statement Sales $ 440,000 Less: Cost of goods sold Direct materials $ $ 48 Direct labor Variable overhead costs 48 Fixed overhead costs Direct materials Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses 0 Net income (loss)