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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 44,000 units and sold 36,000 units at a price of $130 per unit. Manufacturing costs Direct materials per unit $ 54 Direct labor per unit $ 20 Variable overhead per unit $ 6 Fixed overhead for the year $484,000 Selling and administrative costs Variable selling and administrative cost per unit $ 9 Fixed selling and administrative cost per year $115,000 n. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Net income (loss) x Answer is not complete. COOL SKY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials Direct labor Variable overhead costs Fixed overhead costs Fixed selling and administrative costs X Cost of goods sold 0 Gross margin Selling general and administrative expenses Fixed overhead costs Fixed selling and administrative costs Variable selling and administrative expenses V 0 Net income (loss)2a. Assume the company uses variable costing. Determine its product cost per unit. Total cost per unit