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 $130 per unit. Manufacturing conta Direct materials per unit Direct labor per unit Variable overhead per unit Tixed overhead for the year Selling and administrative cont Variable selling and administrative cont per unit Fixed selling and administrative cont per year 54 5 20 $ 6 $484,000 $ 11 $105,000 1b. Assume the company uses absorption costing, Prepare its income statement for the year under absorption costing Answer is not complete. COOL SKY Absorption Costing Income Statement Sales S 4,680,000 Less: Cost of goods sold Direct materials $ 1,944,000 720,000 216,000 Direct labor Variable overhead costs Fixed overhead costs Cost of goods sold Gross margin 2,880,000 1,800,000 Variable selling and administrative expenses Fixed selling and administrative costs 396,000 105,000 Total fixed expenses 501,000 $ 1,404,000 Net income (loss)