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 46,000 units and sold 38,000 units at a price of $110 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 42 per unit $ 16 per unit $5 per unit $ 414,000 per year $ 10 per unit $ 115,000 per year 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Per unit product cost using: Absorption costing Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) 0 0 Fixed selling and administrative expenses $ 115,00 2a. Assume the company uses variable costing. Determine its total product cost per unit. Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) Income