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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 $120 per unit. Manufacturing costs Direct materials per unit 48 Direct labor per unit 18 variable overhead per unit 6 Fixed overhead for the year $ 420, 089 Selling and administrative costs variable selling and administrative cost per unit 11 Fixed selling and administrative cost per year $ 120,080 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)