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 $150 per unit. 66 25 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 $546,000 $ 11 115,000 1a. Assume the company uses absorption costing. Determine its product cost per unit. Per unit product cost using: Absorption costing Total cost per unit 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 $150 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 $ 66 $ 25 $ 9 $ 546,000 $ 11 $ 115,000 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) Check 0 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 $150 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 66 25 9 $ 546,000 11 $ 115,00 20. Assume the company uses variable costing. Determine its product cost per unit Per unit product cost using: Variable costing Total cost per unit 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 $150 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 $66 $ 25 $ $.546,000 11 $ 115,000 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) Sirhuds Inc, a maker of smartwatches, reports the information below on its product. The company uses absorption costing and has a target markup of 40% of absorption cost per unit. Direct materials cost Direct labor cost Variable overhead cost Fixed overhead cost Variable selling and administrative expenses Fixed selling and administrative expenses Expected production (and sales) $ 140 per unit $ 70 per unit $ 48 per unit $ 135,000 per year 23 per unit $ 220,000 per year 10,000 units per year Compute the target selling price per unit under absorption costing (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Per unit Direct materials Direct labor Variable overhead Fixed overhead Total product cost using absorption costing Target profit Target selling price ch Jacquie Inc. reports the following annual cost data for its single product. Normal production and sales level Sales price Direct materials Direct labor Variable overhead Fixed overhead 78,000 units $ 57.80 per unit $ 10.80 per unit $ 8.30 per unit $ 12.80 per unit $1,357,200 in total Complete the below table using absorption costing (Round cost per unit answers to 2 decimal places.) Production volume 78,000 units 116,000 units Cost of goods sold: Cost of goods sold per unit Number of units sold Total cost of goods sold Jacquie Inc. Income statement through gross margin Sales volume 78,000 units 78,000 units 11 Jacquie increases its production to 116,000 units, while sales remain at the current 78,000 unit level, by how much would the company's gross margin increase or decrease under absorption costing? Assume the company has idle capacity to double current production Number of units sold Change in fixed overhead cost per unit Change in cost of goods sold