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 42,000 units and sold 34,000 units at a price of $140 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 $ 60 $ 22 $ 8 $504,000 $ 10 $110,000 1a. Assume the company uses absorption costing. Determine its product cost per unit. Per unit product cost using: Absorption costing Total cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. COOL SKY Absorption Costing Income Statement Net Income (loss) 2a. Assume the company uses variable costing. Determine its product cost per unit. Per unit product cost using: Variable costing Total cost per unit LUUIJNyiepUILS LIIC IUIIUVITY LUSLY UaL UIT ILS PIVUULL IUI ILS HI SL year vi upei ALUIIS. VUI LIIS III SL year, LIC company produced 42,000 units and sold 34,000 units at a price of $140 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 $ 60 $ 22 $ 8 $504,000 $ 10 $110,000 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. COOL SKY Variable Costing Income Statement Net income (loss)