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 42,000 units and sold 34,000 units at a price of $120 per unit. Direct materials 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 $420,000 per year $ 10 per unit $ 105,000 per year | 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption cost Sales Income Statement (Absorption Costing) Cost of goods sold Income 0 $ 0